KKR’s PRA Seeks LBO Loan; Revlon Sets Rate on Colomer Financing
Clinical research firm PRA Holdings is seeking $950 million of bank debt to support its buyout by KKR & Co. while Revlon Inc. (REV) set the rate on a $700 million loan that will support its acquisition of the Colomer Group.
UBS AG, Jefferies Group Inc., Credit Suisse Group AG, KKR’s lending arm and Citigroup Inc. are arranging the PRA financing and will host a lender meeting on Sept. 4 at noon in New York, according to a person with knowledge of the transaction, who asked not to be identified because the information is private. The deal includes a five-year, $125 million revolving line of credit and an $825 million first-lien term piece that matures in seven years.
Revlon is proposing to pay interest at 3 percentage points more than the London interbank offered rate with a 1 percent minimum on its six-year debt, according to a person with knowledge of the transaction. Commitments on the loan, which is being offered to lenders at 99.5 cents on the dollar, are due Aug. 21.
Responses were due today on a $1.95 billion, seven-year loan for RBS Global Inc. and Rexnord LLC (RXN) to refinance debt, according to a person with knowledge of the deal. The covenant-light debt will pay interest at 3 percentage points more than Libor with at 1 percent minimum on the lending benchmark.
Lenders today received portions of Smile Brands Group Inc.’s $260 million term loan, which pays interest at 6.25 percentage points more than Libor with a 1.25 percent minimum on the lending benchmark, according to a person with knowledge of the deal. Credit Suisse Group AG arranged the financing, which refinances debt.
Prices of leveraged loans fell 0.08 cents today to 97.97 cents, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index. That’s the lowest since July 12
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