J.P. Morgan, Bear Stearns and Deutsche Bank last week launched syndication of a $260 million credit for Del Laboratories. The credit comprises a six-year, $50 million revolver and six-and-a-half year, $210 million "B" loan. Price talk on the revolver and term loan is LIBOR plus 2 1/2% and LIBOR plus 2 3/4%, respectively.
Kelso & Co. is acquiring the cosmetic and over-the-counter pharmaceutical manufacturer for $486 million. Church & Dwight Co. was originally going to be an equity participant in the acquisition, but last month the company announced that Kelso would contribute an additional $30 million and Church & Dwight would not participate.
Church & Dwight, which manufactures personal care and household products, would have had an option to acquire Del's line of Orajel oral care products after three years. Officials from the three lead banks either declined comment or did not return calls. Enzo Vialardi, Del's executive v.p. and cfo, Zvi Eiref, Church & Dwight's v.p. and cfo, and Kelso officials did not return calls.