While Credit Suisse teamed up with Bank of America and JPMorgan to back $425 million for Leonard Green & Partners's buyout of The Bridal Group from Federated Department Stores, it is the sole-lead arranger on two other deals launching the same day Totes-Isotoner and Cydcor.
A credit for Totes-Isotoner will launch tomorrow at a bank meeting in New York. The $275 million deal is set to consist of a five-year, $85 million asset-based revolver; a six-year, $125 million term loan "B" and a seven-year, $65 million second-lien term loan, according to a banker. Pricing could not be determined by press time.
MidOcean Partners will use the financing to buy a majority stake in the company as part of a recapitalization, alongside current investor Bruckman, Rosser, Sherrill & Co., who bought into the company in 2004. Financial terms of the transaction were not disclosed. Deborah Hodges, MidOcean chief operation officer, declined to comment on the financing. Calls to Paul Kaminski, BRS cfo, were not returned. A Totes-Isotoner spokesman could not be reached.
Also launching on Tuesday is the $105 million deal for Cydcor. The deal comprises a six-year, $10 million revolver; a six-year, $70 million term loan "B" and a seven-year, $25 million second-lien term loan. The first lien is priced at LIBOR plus 2 3/4% and the second at LIBOR plus 6 3/4%, according to a banker. The debt is being used by Golden Gate Capital and JP Capital to take Cydcor private. A purchase price could not be determined by press time.