The £1.45bn leveraged loan supporting Blackstone and PAI Partners' £1.6bn acquisition of United Biscuits is in the market via bookrunners Barclays, Goldman Sachs and JP Morgan. The debt comprises a £437.5m eight year term loan 'B' that pays 250bp over Libor, a £437.5m nine year term loan 'C' that yields 300bp, a £50m seven year revolver that has a 212.5bp margin, a £100m seven year capex facility that pays 212.5bp, a £175m 9-1/2 year second lien that yields 450bp and a £250m 10 year mezzanine piece.
November 17, 2006