A bank meeting is scheduled for this Wednesday to launch syndication of a $335 million facility backing J.W. Child Associates' acquisition of fruit drink businesses Sunny Delight and Punica from The Proctor & Gamble Co. UBS is leading the deal, which breaks down into a $50 million revolver, $150 million first-lien term loan, and $35 million second-lien term loan, according to Adam Suttin, a partner with J.W. Chids. The first lien carries a spread of LIBOR plus 2 1/2%, while the second lien is going out at LIBOR plus 5 1/2%. The deal also includes a $100 million European term loan at LIBOR plus 3%. First-lien leverage is 3.2 times and total leverage is 3.6 times. J.W. Childs is putting in $125 million of equity. UBS bankers declined comment.
UBS Set To Launch Sunny Delight...