Linens 'n Things holds bank meeting for $600 million revolver

By Paul A. Harris

St. Louis, Jan. 19 - Linens 'n Things Inc. held a bank meeting Thursday for its $600 million five-year senior secured asset-backed revolving credit facility, according to an informed source.

Initial price talk is Libor plus 150 basis points, with a 50 basis point undrawn fee.

UBS is the lead arranger and administrative agent. Bear Stearns is the syndication agent. UBS and Bear Stearns are joint bookrunners.

Proceeds will be used to help fund the leveraged buyout of the company by Apollo and co-investors, including NRDC Real Estate Advisors I LLC.

Linens 'n Things is a Clifton, N.J., retailer of home textiles, housewares and home accessories.

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