The seven-year $730 million "B" loan for Flowserve has been well oversubscribed with over $1.25 billion in commitments received. The credit, led by Credit Suisse First Boston and Bank of America, will likely trade up once it breaks for trading, said one banker eyeing the deal. He also said a 1/4% flex down in pricing could be possible before closing. The "B" tranche, which backs the acquisition of Invensys' valve division, carries a LIBOR plus 31/ 4% spread. Sean Clancey, a spokesman for Flowserve did not return calls. CSFB is the syndication agent and B of A is administration agent on the deal. Flowserve expects to make cost savings of up to $15 million a year from the acquisition (LMW, 3/31).
Promoted By CGIF
Promoted By Commerzbank
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
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