Agents Cut The Rug On Floor Credit

BNP Paribas and FleetBoston Financial have signed onto Credit Suisse First Boston's $256 million credit backing the leverage buyout of Collins & Aikman Floorcoverings (CAF), according to a banker familiar with the deal. BNP committed $50 million and earned the syndication agent slot, while Fleet took documentation agent. Fleet's commitment could not be verified by press time. Heller Financial has committed $15 million to the term loan "B," and opted to shy from the revolver. "Buying the revolver would have been an accommodation," said one lender familiar with the matter. He declined further comment. Another banker remarked, "[The revolver has] been the tougher piece to sell, but I heard it's oversubscribed." Both officials declined further comment. Heller reportedly netted 1% in up-front fees. CSFB is offering titled agents 1% and $50,000 in up-front fees, according to the banker. A Heller official did not return calls seeking comment. A Heller official did not return calls seeking comment. The credit is structured as a $50 million, six-year revolver, a $60 million, six-year term loan "A" and a $146 million, seven-year term loan "B." Pro rata pricing is linked to a grid based on CAF's leverage. The spread opens at 31/4% over LIBOR. The "B" tranche stays at 33/4% over LIBOR.