Bear Injects INAMED

  • 13 May 2001
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Bear Stearns is seeking commitments for a $25 million add-on to the term loan "B" of Santa Barbara, Calif.-based INAMED Corporation, the silicone and collagen implant specialist. Bear Stearns led the company's first foray into the syndicated market last spring, with a $107.5 million secured facility, split between a $25 million revolver and a $82.5 million term loan "B". Mike Doty, cfo and v.p., for INAMED, said the revolver stays at $25 million, with the amendment made to the "B". The increase will fund a capital expenditure program, including a major facility expansion in Santa Barbara. Pricing for the five-year credit is LIBOR plus 3 3/4 %, with a basis point added for the term loan enhancement, said Doty. On Feb. 1 next year the firm can pay down the loan without penalty, though a refinancing is also being considered.

There was no bank meeting since it is an amendment and closing is expected by the end of this week, said Doty. The existing bank group is anticipated to take pieces of the add-on, he added. Commitment fees are 50 basis points and the loan is secured against property. Moody's Investors Service rates the loan B1.

  • 13 May 2001

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