Deutsche Bank is in the market with a $315 million credit facility for United States Can Co. that refinances loans led by Bank of America, Citibank and Bank One. U.S. Can Co. is the operating subsidiary of Berkshire Partners portfolio company U.S. Can Corp. Berkshire officials referred calls to Sandy Vollman, U.S. Can’s cfo. She in turn referred calls to a Deutsche Bank official who did not return calls.
The deal comprises a five-year, $65 million revolver and five-and-a-half year, $250 million "B" loan. The facility is priced at LIBOR plus 3 1/2% and the previous bank deal carried a spread of LIBOR plus 4 1/4%, a source familiar with the deal said. The revolver is being decreased from $110 million. Leverage is more than six-and-a-half times. The reason for the bank switch could not be determined.