Mandated lead arranger UBS Warburg has extended the reply date for syndication of the $435 million equivalent leveraged finance package supporting the JW Childs-sponsored take private of Swedish office supplies manufacturer Esselte.
Senior debt totals $369.7 million and comprises a $197.66 million seven-year term loan A at 225bp over Libor, a EURO106.5 million eight-year term loan B at 300bp and a $67.2 million seven-year multi-currency revolver at 225bp, with a commitment fee of 75bp. There is also a EURO66 million 10-year mezzanine tranche. Total debt to EBITDA is thought to be 4.25x.
Three senior debt ticket levels are on offer to the market, with a top level for senior lead managers of $30 million for 95bp upfront. JW Childs’ relationship bank RBC Capital Markets has agreed to act as a senior co-arranger and sub-underwriter of the debt facilities.