U.S. Can's bank debt ticked down last week in a small trade to 81-82 from the 86 range. Size estimates were $5 million. The credit was in the 93 range prior to the company announcing it would be seeking an amendment. Dealers said the company's amendment was approved two weeks ago, but with limited fanfare. "I think lenders were expecting more money from the equity sponsor [Berkshire Partners]," a dealer noted. The Lombard, Ill.-based company makes steel and plastic in the U.S. and Europe. Calls to John Workman, cfo, were not returned. Diane Steel, spokeswoman, declined to comment.
U.S. Can has a $370 million credit facility that breaks down into three tranches and expires in 2006. Bank of America, BANK ONE and Citibank are the lead arrangers. Pricing is tied to a leverage ratio, according to Capital DATA Loanware.