Royal Bank of Scotland closed syndication of its $116 million financing package for MW Manufacturers and filled the institutional piece for its PlayPower acquisition credit with co-lead UBS Warburg. The MW deal, which was twice oversubscribed, backs private investment firm Investcorp's $188 million acquisition of the door and window product maker from Fenway Partners, according to a banker familiar with the situation. The credit includes a five-year, $20 million revolver; a $66 million, six-year term loan priced at LIBOR plus 41/ 2% and a $30 million mezzanine piece that matures beyond six years. RBS is sole lead and underwriter of the credit, the banker stated, adding that seven investors signed onto the deal. MW's senior leverage levels are at 2.25 times, while its total leverage is at 3.25 times, he added. An RBS official declined to comment, while officials from MW and Fenway did not return calls by press time.
RBS and UBS also filled the $125 million PlayPower "B" loan last week, backing Investcorp's acquisition of PlayPower from Cameron Holdings. The lead banks were waiting, at press time, on a few more commitments to close the $150 million deal, said a banker familiar with the credit. The seven-year "B" piece priced at LIBOR plus 41/ 4%, while the six-year, $25 million revolver priced at LIBOR plus 33/ 4%. UBS and RBS fully underwrote the facility, another banker said, adding that it hit the market Jan. 9. PlayPower, the world's largest manufacturer of commercial play and recreation equipment, has total leverage multiples of 3.4 times, all senior, he added. A UBS official declined to comment. Calls to PlayPower and Cameron Holdings were not returned. An Investcorp spokesperson declined to comment on both acquisitions.