Deutsche Bank is leading a refinancing for Sunrise Medical that will also pay a dividend to owners Park Avenue Equity Partners and Vestar Capital Partners. The new debt include a $45 million revolver, a $165 term loan "B" and an $80 million second-lien. The revolver and "B" loan are priced at LIBOR plus 2 3/4% and the second-lien is priced at 6%.
Park Avenue, Vestar and company executives took the company private in 2000 in a $365.4 million transaction. Vestar put in $122 million of the $162.6 million equity investment. According to Markit, the existing debt was put in place in March 2004 and consists of a $190 million revolver priced at LIBOR plus 3 1/4% and a $45 million revolver. The debt is led by Deutsche Bank, GE Capital andMerrill Lynch. Calls to James Fetter, cfo, were forwarded to a spokesman who did not return calls.