Credit Suisse First Boston and UBS are getting ready to close Harbor Freight Tools’ recapitalization after reverse flexing the term loan spread last Friday. Pricing on the $440 million “B” loan flexed down 25 basis points to LIBOR plus 2 3/4%. The credit also includes a $50 million revolver at LIBOR plus 2 3/4%. The deal, which hit the market June 24, is expected to close Thursday, a banker said. Proceeds are being used to back a dividend to the owner, an individual who built the business. Bob Glickman, the company’s cfo, did not return calls. CSFB and UBS bankers declined comment.
Harbor Freight Reverse Flexes