Deutsche Bank is in the market with a $135 million, two-part deal for Leonard Green & Partners for buyouts of both Korea Times Los Angeles and International Media Group. Jonathan Seiffer, partner at Leonard Green, said the first part of the credit--a $60 million piece comprising a $10 million revolver and a $50 term loan "A" was underwritten by Deutsche Bank and will fund the acquisition of International Media Group.
Seiffer explained that an additional $15 million will be added to the revolver, $5 million to the term loan "A," and another $55 million tacked on in the same form as the "A" tranche pending Leonard Green's deal with Korea Times Los Angeles.
Bankers said both parts of the deal were talked about at a meeting two weeks ago even though Deutsche Bank has not yet funded the second part of the deal. Some lenders are expected to play in both rounds, while there is talk that others will forego the pro-rata and wait for the institutional upsizing where pricing is expected to flex up.
Bankers said commitments are expected to come in the next week or two. The original $60 million pro-rata tranche has been priced at LIBOR plus 31/4 % and the awaited $75 million add-on to term loan "A" is expected to price at 33/4 %.