BNP Funds Hudson LBO

Hudson Products is in the market for a $120 million senior secured credit facility from BNP Paribas to finance Sterling Group's leveraged buyout from Madison Capital Partners, according to a banker.

  • 22 Nov 2006
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Hudson Products is in the market for a $120 million senior secured credit facility from BNP Paribas to finance Sterling Group's leveraged buyout from Madison Capital Partners, according to a banker. The seven-year deal consists of a $25 million revolver and a $95 million term loan "B." Both tranches are priced at LIBOR plus 3 3/4%, the banker said. The price of the transaction could not be determined.

Based in Sugar Land, Texas, Hudson is a designer and manufacturer of air-cooled heat exchanger equipment. Madison Capital bought Hudson from Babcock & Wilcox Investment in July 2002 for approximately $40 million. Christopher Yunkun, Hudson ceo, referred calls to Madison Capital where a representative did not return calls. Calls to a Sterling Group representative were also not returned.

  • 22 Nov 2006

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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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4 Wells Fargo Securities 760.56 2 10.54%
5 BNP Paribas 598.25 2 8.29%