Wachovia Securities has launched a repricing for Symmetry Medical, a portfolio company of Olympus Partners. "[The amendment is] resulting from the performance of the company and the current agreement relative to current market conditions," noted Manu Bettegowda, a v.p. with Olympus. "The current agreement is out of market."
The credit is being offered at LIBOR plus 3 1/2% and comprises a $15 million revolver, $34.2 million "A" loan and $59.4 million "B" loan. The spread was previously based on a grid tied to leverage and the pro rata spread ranged from LIBOR plus 3-4 1/4%, while the spread on the "B" loan ranged from LIBOR plus 4 1/2-3/4%.
The credit agreement was put into place in June 2003. Lenders on the original credit include Antares Capital Corp., GE Capital, Merrill Lynch Capital, The Royal Bank of Scotland, CIT Lending Services and PB Capital. Olympus acquired Symmetry in October 2000. Fred Hite, Symmetry's cfo, and Wachovia bankers did not return calls.