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Natural Products Group launches $590 million credit facility
By Sara Rosenberg
New York, Feb. 15 - Natural Products Group LLC held a conference call on Thursday to launch its proposed $590 million credit facility, according to a market source.
CIBC and Credit Suisse are the lead banks on the deal, with CIBC the left lead.
The facility consists of a $25 million revolver and a $565 million term loan B, with both tranches talked in the Libor plus 250 basis points area, the source said.
Proceeds will be used to refinance the company's existing credit facility. Essentially, through this deal, the company is taking out its second-lien term loan with more first-lien debt.
The existing holdco mezzanine debt will be staying in place.
Natural Products Group, a Harvest Partners portfolio company, is a Chatsworth, Calif., manufacturer and marketer of branded natural and organic personal care products.
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