UBS and Credit Suisse First Boston flexed down pricing on Associated Materials' $190 million "B" loan last week after investors heavily oversubscribed to the tranche, a banker said. Pricing was lowered from LIBOR plus 3% to LIBOR plus 23/4% and buysiders were asked to recommit to the deal by noon last Thursday. The banker said allocation was expected to take place by the end of last week.
The "B" piece is a part of a $260 million amended and restated credit to partly back the vinyl siding and vinyl window product maker's acquisition of Gentek Holdings for about $118 million (LMW, 8/11). The deal will also refinance the company's existing $165 million credit and furthermore includes a $70 million revolver. CIBC World Markets is a documentation agent on the deal. A UBS official declined to comment, while a CSFB banker did not return calls. Keith LaVanway, cfo of Associated Materials, did not return calls.