Merrill Tweaks Colfax Deal

  • 08 Jun 2003
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Colfax Corp.'s $315 million credit was slightly tweaked before wrapping up late last week. The second lien "C" term loan was increased by $5 million to $45 million, while the six-year "B" loan was decreased by $5 million to $220 million, according to a banker. Merrill Lynch leads the credit, which backs the pump and power transmission product maker's acquisition of Germany-based pump producer Netzsch Group for $113.4 million. The banker added that the modest increase in the "C" piece reflected higher demand for the LIBOR plus 61/4% priced loan. Call protection at 103 and 1011/2 was also added in years one and two, he noted. The "B" loan priced at LIBOR plus 33/4% and the "B" loan amortization schedule was also augmented, the banker stated.

All of the tranches were fully subscribed with Scotia Capital, Wachovia Securities, Bank of America, UBS Warburg and Merrill filling out the six-year, $50 million revolver, which is priced at LIBOR plus 31/4%. B of A and Scotia lead some of Colfax's existing bank credits (LMW, 6/2). B of A is also advising Colfax on the transaction. Doug Barnett, Richmond, Va.-based Colfax's cfo, did not return calls by press time, while a Merrill official declined to comment.

  • 08 Jun 2003

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1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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5 Credit Suisse 38,293.05 120 7.05%