Heller Financial and Bank of America are looking for commitments for a $200 million revolving credit for Woodland Hills, Calif.-based Unova Inc. A spokesman for the company, which manufactures industrial technology products, including barcode scanners and wireless network applications, noted the firm is looking at a number of financial options. The previous loan arranged in February was a $400 million, short term, nine-month financing with J.P. Morgan Chase, according to Capital DATA Loanware. It could not be determined why Morgan Chase is not leading this deal or whether it will participate. The spokesman declined further comment including any reference to the banks involved.
Commitment fees for the revolver are 50 basis points for $15-25 million, 67.5 basis points for $25-35 million and 75 basis points for upwards of $35 million. Pricing is LIBOR plus 3%. A banker familiar with the deal said there is also a requirement for a separate term loan of $75 million provided by a stand-alone term lender. The institution will not be from the bank group. The bank meeting was on May 22 and the deal is expected to close in mid June. The February loan has been reduced to $300 million due to better than expected operating cash flows. Pricing is LIBOR plus 31/2 %.