UBS and Bear Stearns last Thursday launched syndication of a $600 million credit backing the acquisition of Linens 'n Things by Apollo Management and two other private equity groups. The deal consists of a five-year, $600 million asset-based revolving credit facility. Initial pricing on the deal is LIBOR plus 1 1/2%.
A bank meeting was scheduled for last Thursday afternoon in New York. National Realty & Development Corp. and Silver Point Capital Fund Investments are the two other shops acquiring the company. Based in Clifton, N.J., Linens 'n Things is a retailer of products for the home. A spokesman at Apollo was unavailable for comment. Bankers at Bear Stearns and UBS did not return calls by press time.