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Citigroup held an investor conference call last Wednesday to assuage concerns and get the ball rolling on its $390 million deal for Quintiles Transnational Corp. Several "B" loan investors were dragging their heels, concerned about the potential risk from the company's own investment unit--the PharmaBio Development group.
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UBS Warburg's $285 million deal for Nellson Nutraceutical oversubscribed days after syndication launched, with the $260 million "B" term loan flexing down 1/2% to LIBOR plus 3%. The credit backs the Irwindale, Calif-based nutritional bar and powder manufacturer's acquisition of Bariatrix Products International, another bar and powder manufacturer. The deal also includes a $25 million revolver. Leverage is expected to be 3.5 times debt-to-EBITDA after the transaction is completed. The total purchase price for Bariatrix could not be ascertained. Equity firm Fremont Partners purchased Nellson last October for $300 million (LMW, 11/18). A UBS official declined to comment and a Fremont spokesman did not return calls before 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.
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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.
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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.