CamelBak Group has returned to market with a $152 million credit that backs a dividend to Bear Stearns Merchant Banking. The $37 million second-lien piece was almost fully subscribed a day after its Jan. 10 launch. Price talk on the second-lien term loan is LIBOR plus 7%, bankers said. The credit also includes a $15 million revolver and $100 million term loan, both with price talk of LIBOR plus 3 1/2%.
BNP Paribas and Bank of New York are leading the recap. Total leverage is around 4.5 times and leverage through the first lien is about 3.33 times.
Last year, BNP Paribas and BNY led an $80 million credit to back Bear Stearns' acquisition of the maker of hydration backpacks (LMW, 11/3/03). At that time leverage was around 4.25 times, a banker noted. Rick Perkal, senior managing director at Bear Stearns, and CamelBak officials did not return calls. Bankers at the lead banks either declined comment or did not return calls.