Heller Financial, Antares and General Electric Capital Corp. have joined CIBC World Markets as co-arrangers for a $235 million secured credit facility for Florida investment firm Trivest Furniture Corp.'s leveraged buyout of patio-furniture maker Brown Jordan Co. on behalf of WinsLoew Furniture, Inc., the casual furniture manufacturer. Trivest took a controlling shareholder stake in August 1999 of WinsLoew and has since acquired three firms for the company, noted William Kaczynski, managing director with Trivest responsible for WinsLoew. Kaczynski declined to comment on any potential deal for Brown Jordan.
A banker familiar with the deal, said that the bank meeting was held last week, with commitments due April 16. CIBC is the sole lead arranger, administrator and book runner on the facility, that comprises a five-year, $70 million revolver priced on a leverage-based grid at LIBOR plus 3 1/2% with a 50 basis points commitment fee if it's undrawn. The $165 million term loan also has a five-year maturity and is priced at LIBOR plus 4%, with no grid on the term loan. The revolving credit commitments are 1% and commitment fees for the term loan are 3/8. The covenants are standard, the banker said, adding that Moody's Investors Services has rated the facility Ba3.