FiberVisions $110 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Feb. 28 - FiberVisions LLC is scheduled to hold a bank meeting on Wednesday to launch its proposed $110 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $20 million revolver, a $70 million first-lien term loan talked at Libor plus 300 basis points and a $20 million second-lien term loan, the source said.

Proceeds will be used to help fund the acquisition of a 51% interest in FiberVisions by Snow, Phipps & Guggenheim LP from Hercules Inc. for $109 million. Snow, Phipps & Guggenheim will have the option to purchase an additional 14% interest in FiberVisions for $7.4 million following completion of the transaction.

Closing is expected to occur by the end of March, pending debt financing and other required approvals.

FiberVisions is a Covington, Ga., producer of specialty fibers for nonwoven fabrics and textile fibers used in consumer and industrial products.

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