Fort Dearborn to launch $625 million in term loans on Wednesday

By Sara Rosenberg

New York, Sept. 19 – Fort Dearborn Co. (Fortress Merger Sub Inc.) is set to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $625 million in term loans, according to a market source.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

The debt consists of a $455 million seven-year covenant-light first-lien term loan and a $170 million eight-year covenant-light second-lien term loan, the source said.

There will be one-on-ones available for investors after the bank meeting, the source added.

Proceeds will be used to help fund the buyout of the company by Advent International from KRG Capital Partners.

Fort Dearborn’s management team will retain a minority stake in the company and continue to lead the business following the completion of the transaction.

Closing is expected this quarter, subject to customary conditions.

Fort Dearborn is an Elk Grove, Ill.-based supplier of high-impact prime labels for the consumer goods industry.

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