CS Rolls Out Three Financings

Credit Suisse launched syndication of three smaller deals for just under $500 million last week.

  • 19 Jan 2007
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Credit Suisse launched syndication of three smaller deals for just under $500 million last week. The credits included financing for the leveraged buyouts of InterMedia Outdoor and Evenflo, and a tack-on term loan for Harbor Freight Tools.

The New York-based private equity firm InterMedia Partners tapped the bank for $131 million to fund its buyout of 17 publications known as the Outdoors Group from PRIMEDIA for approximately $170 million. The deal consists of a five-year, $10 million revolver; a six-year, $86 million term loan "B" and a seven-year, $35 million second-lien term loan. Price talk on the first lien was between LIBOR plus 2 3/4-3% and LIBOR plus 6 3/4-7% on the second. The Outdoors Group includes 17 hunting, fishing and shooting magazines, including Fly Fisherman, Game & Fish and Guns & Ammo. Calls to spokesmen for InterMedia and PRIMEDIA were not returned.

Evenflo hit up the loan market for $205 million to fund its buyout by Westin Presidio from Harvest Partners for an undisclosed price. The deal consists of a five-year, $40 million revolver; a six-year, $120 million term loan "B" and a seven-year, $45 million second-lien term loan. Price talk on the first lien is LIBOR plus 2 1/2-3% and LIBOR plus 6 1/2-7% on the second. Kohlberg Kravis Roberts & Co was Vandalia, Ohio-based Evenflo's controlling shareholder for about eight years, until the company was sold to Harvest Partners in 2004. Calls to spokesmen for Evenflo and the firms were not returned.

Harbor Freight is looking for $160 million for a tack-on term loan "C" to its existing credit. The company entered into a $440 million term loan in June 2004 (LMW, 6/25/2004), which, according to Markit, was amended last year. Pricing on the new term loan could not be determined. "It's a credit that's done well," said an investor. The company hit up both CS and UBS for a five-year, $50 million revolver and a seven-year, $440 million term loan "B" as part of a recapitalization plan in 2004. The term loan was originally priced at LIBOR plus 3%, but was flexed down to settle at LIBOR plus 2 3/4%. The revolver was also priced at LIBOR plus 2 3/4% (LMW, 7/16/2004). Pricing was later cut to LIBOR plus 2 1/4% on the term loan (11/12/2004). In May 2005, the company tacked-on another $60 million to the "B" term loan that was priced at LIBOR plus 2 1/2% (5/20/2005). A Harbor Freight spokesman could not be reached. It could not be determined why UBS was not involved this round and a UBS banker could not be reached.

  • 19 Jan 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%