BNP Paribas and Credit Suisse First Boston will be launching syndication this Wednesday of the $290 million recapitalization credit for Oriental Trading. The credit for the direct marketer of novelties, toys, party supplies and other related products includes a $250 million, six-year "B" loan and a $40 million, six-year revolver. BNP leads the company's existing $180 million credit, which was put in place last August and includes a $150 million "B" term loan and a $30 million revolver. Pricing on the new credit was not disclosed as of last week, but the existing institutional piece is priced at LIBOR plus 23/4%, while the revolver carries a spread of 2% over LIBOR with a 50 basis point commitment fee.
GE Capital is involved in the existing credit, but it could not be determined if the firm would be a part of the new facility. A GE official declined to comment. Bankers at BNP and CSFB did not return calls by press time. Los Angeles-based private equity firm Brentwood Associates currently holds an investment in Omaha, Neb.-based Oriental Trading, after infusing an undisclosed sum into the company in January 2000. An official at Oriental Trading could not be reached by press time.