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Structure surfaces on Commonwealth Brands' $620 million credit facility
By Sara Rosenberg
New York, Nov. 9 - Some details on Commonwealth Brands Inc.'s proposed credit facility emerged, including a total size of $620 million and tranching, as the deal is getting ready to launch into syndication via a bank meeting Thursday, according to a market source.
The facility consists of a $600 million term loan B and a $20 million revolver, with price talk on the two tranches unavailable at this time, the source said.
Deutsche Bank and Lehman Brothers are the lead banks on the credit facility, with Deutsche the left lead.
Proceeds from the facility will be used to help fund the refinancing of all the company's existing debt, which includes outstanding bank and bond debt.
The refinancing is expected to be completed by year-end.
Commonwealth Brands is a Bowling Green, Ky., cigarette manufacturer.
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