Cosmetic Essence $151 million credit facility priced at Libor plus 325 bps for revolver, first lien loan

By Paul A. Harris

St. Louis, Nov. 8 - Cosmetic Essence Inc. announced the structure and pricing of the $151 million credit facility it will use to fund the buyout of its parent company, BMP/CEI Holdings Inc., by Onex partners LP, according to a news release Monday by Cosmetic Essence.

The bank meeting for the BNP Paribas-led facility is set for Tuesday.

The facility will be comprised of a $25 million six-year revolver and a $90 million six-year first-lien term loan, both priced at Libor plus 325 basis points, and a $36 million seven-year second-lien tranche priced at Libor plus 700 basis points.

Holmdel, N.J.-based Cosmetic Essence, majority-owned by Brockway Moran & Partners Fund LP, is being bought by Onex Partners LP in a transaction valued at about $245 million.

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