CIBC, GE Shop Therma-Tru

  • 17 Nov 2002
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CIBC World Markets and General Electric Capital Corp. have at least two tickets in hand after a Nov. 8 bank meeting for Therma-Tru. The $305 million credit facility for the fiberglass door maker refinances existing bank debt, said a banker familiar with the deal. The line is split between a $75 million revolver priced at LIBOR plus 23/ 4% and a $230 million "B" loan with a LIBOR plus 31/ 4% spread. Agent banks also receive a 75 basis point fee on the revolver and 25 basis points upfront on the "B" piece, he noted. A CIBC banker declined to comment, while a GE banker did not return calls.

Commitments on the credit are due in the coming weeks, the banker stated. GE leads Maumee, Ohio-based Therma-Tru's existing facility, while CIBC is a new relationship for the company. Therma-Tru's debt is rated BB-/Ba3, with a leverage multiple under three times, he noted. David Haddix, Therma-Tru cfo, did not return calls. The existing line consists of a $50 million revolver, a $150 million "A" loan and a $135 million "B" piece. Pricing on the pro rata and "B" is LIBOR plus 3% and LIBOR plus 31/ 2%, respectively.

  • 17 Nov 2002

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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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