UBS Warburg held a bank meeting for U.S. investors last Friday for a $94 million "C" tranche for Switzerland-based Kaba Holdings. Two weeks ago, the bank meeting for the European section of the loan, denominated in Swiss Francs and totaling $340 million, was held. UBS and Credit Suisse are co-leads.
The "C" tranche is priced at LIBOR plus 2 1/2%, said a banker familiar with the credit. There is also an "A" tranche at CHF 360 million ($205.6 million) priced at LIBOR plus 2%, a CHF 160 million ($91.4 million) "B" tranche is LIBOR plus 2 3/8% and the CHF 75 million ($43 million) revolver is LIBOR plus 3/4%. The loan backs the acquisition of Unican Security Systems Ltd., a Canadian manufacturer of key and lock equipment. Kaba is a technology developer for access management and locks.
The banker said that the deal brings together complementary companies and investors should welcome the credit in the current climate. Industrial deals have attracted strong interest as investors move away from new economy and telecom companies, he said, pointing also to the heavy commitments in on Messer Griesheim. Werner Stadelmann, cfo of Kaba, was travelling and could not be reached for comment.