J.P. Morgan launched syndication last Wednesday of a $155 million recapitalization for Waddington North America. Proceeds will be used to fund a $48 million dividend to equity sponsor Code Hennessy & Simmons. Pro forma the transaction, total debt will be about $170 million and total debt-to-EBITDA is five times. The deal is composed of a five-year, $30 million revolver and seven-year, $125 million "B" loan. The revolver and "B" loan are both priced at LIBOR plus 3%. Waddington manufactures plastic disposable tableware. Code Hennessy officials could not be reached by press time and Waddington officials did not return calls.
Waddington Takes Well Trodden Path