CIBC World Markets and General Electric Capital Corp. were close to filling Therma-Tru's $255 million "B" loan as LMW went to press. The $330 million deal launched to retail last Tuesday and had $205 million in tickets on the institutional piece split between 21 investors by Thursday, said a banker familiar with the credit, expecting that it was en route to a Friday fill. Pricing on the "B" is LIBOR plus 31/ 4% with a 1/8% upfront fee. The $75 million revolver priced at LIBOR plus 23/ 4% with a 50 basis point commitment fee on tickets of $10 million and a 75 basis point commitment fee on bids for $15 million. A CIBC official declined to comment, while a GE Capital banker did not return calls by press time.
The deal launched at the senior managing agent level last November with the same pricing levels, but a lesser amount of $230 million on the "B" loan. The banker explained that the retail launch was delayed because the banks decided to wait out the volatile loan market of late last quarter. Additionally, he said that the company had developed an undisclosed acquisition target and needed to iron out that situation before recommencing the credit deal. The facility for the fiberglass door maker refinances existing bank debt, the banker added. GE leads Maumee, Ohio-based Therma-Tru's existing facility, while CIBC is a new relationship for the company. David Haddix, Therma-Tru cfo, could not be reached by press time.