Pricing has been finalized on the $215 million deal for Meow Mix at LIBOR plus 3 1/4% with a step down to LIBOR plus 3% when leverage hits three times. UBS and Lehman Brothers are leading the deal, which consists of a five-year, $25 million revolver and a six-year, $190 million term loan (LMW, 6/17). The facility will be used to recapitalize the company.
Meow Mix is owned by The Cypress Group, which bought it for $425 million in 2003 from J.W. Childs Associates. UBS and CIBC World Markets led the financing for the acquisition, which included a $176 million term loan, a $25 million second lien and a $30 million revolver (8/10/03). Calls to Richard Kassar, senior v.p. and cfo, and The Cypress Group were not returned.