A successful bond offering led by Credit Suisse First Boston, J.P. Morgan andUBS Warburg for CSK Auto has resulted in a reduced and restructured bank deal. The bank debt, led by J.P. Morgan and CSFB now consists of a three-year, $150 million revolver and a $150 million, three-year term loan. Both tranches now have a LIBOR plus 31/ 2% spread, up 1/4%. There is also a 1/2% commitment fee on the revolver. The bank debt previously was $325 million, split between a $225 million revolver and a $100 million term loan. Calls to Don Watson, cfo, were not returned. There is also rumor that CSFB, J.P. Morgan, Deutsche Bank and Merrill Lynch will rework the Collins & Aikman deal, depending on a successful bond offering. Calls to the appropriate bankers were not returned by press time.
CSK Bond Deal Snips Rejiggerred Loan