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Financing condition satisfied in Gull Holdings' buyout of Usana
By Lisa Kerner
Charlotte, N.C., July 8 - The financing condition has been satisfied in Gull Holdings, Ltd. and Unity Acquisition Corp.'s purchase of Usana Health Sciences, Inc.
The financing commitment expires on July 18, a Gull news release stated.
Usana previously announced the expected pricing on its proposed $215 million five-year senior secured credit facility and a tender offer for the buyout of the company.
Both the $15 million revolver and the $200 million term loan were expected to be priced at Libor plus 1,050 basis points, with a 3.5% Libor floor, it was reported in an SC TO-T filed with the Securities and Exchange Commission on June 2.
Ableco Finance LLC is the lead arranger, bookrunner, syndication agent and administrative agent on the deal.
Proceeds from the credit facility will be used to help fund Gull's proposed buyout, to refinance Usana debt and to fund ongoing working capital requirements.
Gull, through acquisition vehicle Unity Acquisition, is offering to acquire all the shares of Usana that it does not already own for $28 per share. Gull owns about 68% of Usana's stock.
Completion of the tender offer, which expires on July 14, is subject to closing of the debt financing, the holders of at least the majority of the publicly held shares tendering their shares in the offer and Gull owning at least 90% of the outstanding shares at the completion of the offer, a prior news release said.
Gull is controlled by Dr. Myron W. Wentz, chairman and chief executive officer of Usana.
Usana is a Salt Lake City-based developer, manufacturer and distributor of nutritional and personal care products.
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