Credit Suisse First Boston and J.P. Morgan closed last Thursday the re-jigged bank deal for Collins & Aikman with a reverse flex and an altered "B" term loan. The deal was originally scuppered in the wake of Sept. 11 due to market conditions, and when it returned pricing was bumped up 3/4% on the "B" at launch three weeks ago, despite lower leverage numbers (LMW, 12/8). But after a successful bond offering, the size of the bank deal was trimmed down and a reverse flex was executed on the reduced tranche, commented one banker. Another banker said the "B" finished at $300 million with a LIBOR plus 4% spread--the original pricing on the deal. The four-year revolver is now $175 million and the term loan "A" is $100 million.
C&A Closes Re-jigged Bank Deal, Trims Pricing