UBS is in the market with a $182.5 million recapitalization for ILC Industries backing a dividend for the sponsor Behrman Capital. The facility comprises a $17.5 million revolver, $100 million first-lien piece and $65 million second-lien loan. The revolver and first lien are priced at LIBOR plus 3% and LIBOR plus 31/4%, respectively, while the second lien carries a spread of LIBOR plus 6%. Behrman acquired ILC in April 2003. UBS led the deal backing the acquisition and faced challenges filling the syndicate prior to offering investors higher pricing and a juicier up-front fee (LMW, 4/14). Calls to Behrman officials and Ken Sheedy, ILC's cfo, were not returned.
Behrman Capital Seeks Dividend