American Securities Capital Partners (ASCP) joined the ranks of private equity firms taking dividends as it moved last week to take approximately $47 million from Unifrax Corp., a provider of ceramic fiber insulating products. Wachovia Securities is leading the facility, which pushes leverage up to 4.2 times, the highest level since ASCP bought the company when post purchase leverage was 3.5 times.
The refinanced facility consists of a multiyear $35 million revolver and a seven-year $180 million term loan "B." Pricing is LIBOR plus 2 3/4% on the revolver and LIBOR plus 2 1/4% on the term loan "B." The new deal also refinances an existing $138 million term loan.
The amended term loan also includes a provision for an additional incremental $50 million term loan. Mark Roos, Unifrax senior v.p. and cfo referred calls to ASCP. ASCP Partner Marc Saiontz did not return phone calls.