JPM, CIBC Set Terms On Progressive Buyout Loan

J.P. Morgan and CIBC World Markets are in the market with a C$415 million facility backing Thomas H. Lee Partners' acquisition of Progressive Moulded Products from Oak Hill Capital Partners.

  • 16 Jul 2004
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J.P. Morgan and CIBC World Markets are in the market with a C$415 million facility backing Thomas H. Lee Partners' acquisition of Progressive Moulded Products from Oak Hill Capital Partners. The facility comprises a C$50 million revolver, C$75 million "A" loan and C$290 million "B" loan. The "B" loan will be U.S. dollar-denominated and is roughly $220 million. The Canadian dollar-denominated pro rata is being syndicated out of Toronto. Price talk is LIBOR plus 3% on the entire facility. The credit hit the market last Thursday. Progressive is a provider of plastic automotive interior subsystems. A J.P. Morgan spokesman and CIBC bankers declined comment. A T.H. Lee spokesman did not return calls.

 

  • 16 Jul 2004

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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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3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%