BNP Paribas is filling the book on the financing backing Ares Management's acquisition of Tinnerman Palnut Engineered Products from Kohlberg & Co. Half of the first-lien term loan was circled and the second-lien term loan was almost fully raised a day after last Wednesday's launch, a source close the transaction noted.
The first lien is being offered at LIBOR plus 3 1/4% and comprises a $25 million revolver and $85 million amortizing term loan. The $40 million second-lien term loan went out at LIBOR plus 7 1/4%. The second lien has call protection of 103, 102, 101. The company makes automotive metal and plastic fasteners. A BNP Paribas banker and Ares spokesman declined comment. Scott Lyons, the company's cfo, did not return calls.