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The $170 million bank deal backing the $450 million acquisition of Packaged Ice by Trimaran Capital Partners and Bear Stearns Merchant Banking already had three tickets in for the $135 million "B" loan last week, well ahead of the bank meeting. A banker familiar with the deal said the actual syndication will probably not launch until mid-July. He did not specify the level of subscription. The bank meeting had been postponed because the company is waiting on regulatory reviews, another banker explained. CIBC World Markets, Credit Suisse First Boston and Bear Stearns are leading the facility. CIBC and CSFB officials declined to comment. A Bear Stearns banker did not return calls.
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Oaktree Capital and GFI Energy Ventures, co-general partners on the OCM/GFI Power Opportunities Fund, have tapped Barclays Bank to finance the buyout of InfraSource--a subsidiary of Chicago-based Exelon Corp. The fund is buying the electric construction and services, underground and telecom businesses of Infrasource for approximately $250 million in cash and $30 million in subordinated notes maturing in 2011. Barclays was chosen not only on the basis of its flexible terms, but also because of its knowledge and good reputation within the power and utility sector, said Lawrence Gilson, chairman of GFI Energy Ventures.
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Workflow Management is talking to third parties looking to help it deal with a $50 million "B" loan due this December that the company does not think it can repay. The printing company has been contacted by entities such as private equity firms and various funds, responding to the maturing "B" loan, said Michael Schmickle, executive v.p., cfo and secretary of Workflow. "We are proactively trying to extinguish the $50 million term note," Schmickle said. "There's no one that we are excluding," he added, noting that Workflow is open to any potential savior that can help the company. "We would consider all alternatives," including new banks, he further added.
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The $1.15 billion credit backing Medco Health Solutions' spin off from parent Merck & Co. received a warm pro-rata reception last week. Lenders did not hesitate to grab a piece of the new money, oversubscribing to the "A" loan and revolver pieces, according to a banker familiar with the deal. J.P. Morgan, Goldman Sachs and Citigroup are leading the credit.
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Credit Suisse First Boston and Deutsche Bank have launched syndication of a $575 million "C" term loan for specialty chemical maker Noveon. The six-year credit is to refinance existing debt and price talk is in the LIBOR plus 23/4-3% range. Noveon reported $865.9 million in total debt as of last March, with $499 million outstanding on its "B" loan and $73 million outstanding on its "A" loan. Bankers at CSFB and Deutsche Bank did not return calls before press time.
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A $1.1 billion refinancing for dialysis company DaVita hit the market last week. The deal, led by Credit Suisse First Boston, includes a six-year, $842 million "C" loan priced at LIBOR plus 21/2%. There is also a four-year pro rata component that includes a $144 million "A" loan and a $115 million revolver priced at LIBOR plus 21/4%. There is a 50 basis point up-front fee on the revolver. A CSFB banker did not return calls and an official at DaVita could not be reached by press time.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.