Credit Suisse is in the market with a $110 million deal for FiberVisions that will fund the leveraged buyout of 51% of the company from Hercules Inc. by Snow, Phipps & Guggenheim, an affiliate of SPG Capital Partners, for $109 million. The acquisition also allows SPG to acquire an additional 14% stake in FiberVisions for $7.4 million more.
The financing comprises a five-year, $20 million revolving credit facility; a seven-year, $70 million term loan "B" and a seven-and-a-half-year, $20 million second-lien loan. Pricing on the first-lien tranches is LIBOR plus 3 1/4%, while the second-lien is priced at LIBOR plus 7%. Based in Denmark, with U.S. headquarters in Covington, Ga., FiberVisions develops, manufactures and markets various synthetic fibers. Spokesmen at SPG and Hercules declined comment. Calls to CS and FiberVisions were not returned.