Credit Suisse First Boston and Citibank pitched Laidlaw's $825 million bank debt exit financing to investors last Thursday as the company makes plans to emerge from bankruptcy this month. The deal includes a five-year, $525 million "B" piece with price talk in the LIBOR plus 31/2% range and a six-year, $300 million revolver priced at LIBOR plus 3%. A commitment fee of 50 basis points is also being offered on the revolver. A $350 million bond deal is also coming to market as part of the exit financing. Laidlaw, a school and inter-city bus company, filed for Chapter 11 in June 2001. Investors said the deal could be attractive, considering Laidlaw's stable transportation business. CSFB and Citi bankers and Geoff Mann, treasurer and v.p. of Laidlaw, did not return calls.
Bank Duo Shops Laidlaw Exit