Credit Suisse First Boston and UBS were set to close Harbor Freight Tools' recapitalization last Thursday as LMW went to press after reverse flexing the term loan spread. 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%. According to traders, the "B" loan was trading at 101-102 when it broke late in the week. 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