Wachovia Securities pitched into the market a $145 million deal for fishing tackle company Pure Fishing last Wednesday. Proceeds will back a leveraged buyout of the Spirit Lake, Iowa-based company by Whitney & Co. Terms of the transaction could not be ascertained. The credit includes a six-and-a-half year, $110 million "B" piece priced at LIBOR plus 41/4% and a five-year, $35 million revolver priced at LIBOR plus 33/4%. Pure Fishing provides tackle worldwide. Officials at Pure Fishing could not be reached by press time and a Wachovia banker did not return calls. Paul Vigano, a partner at Whitney & Co., also did not return calls.
Wachovia Casts Fishing Tackle Co. Buyout