The $650 million term loan "B" on Goldman Sachs' and Citibank's $1.2 billion credit for SC Johnson Wax has been fully subscribed after launching two weeks ago in New York and London. The "B" contains a $100 million euro tranche that, depending on the level of European demand, could be upsized to $200 million, said a banker. The pro rata $550 million has snared a handful of banks, and is said to be progressing smoothly.
BANK ONE has signed on for 20% of the total credit, GE Capital, ABN AMRO, and Royal Bank of Scotland have signed on for $100 million pieces, and Bank of Tokyo Mitsubishi has taken a $50 million bite (LMW, 3/4). Up-front fees for the "B" are 1/8% for U.S. institutions and 1/4% for the Europeans. The banks are trying to develop buyers in Europe, one banker said, which is one reason behind the fee differential. Pricing on the pro rata, which comprises a $300 million revolver and $250 million term loan "A", is LIBOR plus 31/ 4% and is LIBOR plus 33/ 4% on the $650 million "B" term loan. The loan backs the acquisition of DiverseyLever, Unilever's industrial cleaning business. Officials at the banks and company declined comment.