Nielsen & Bainbridge's financing includes $37 million mezzanine debt

By Sara Rosenberg and Angela McDaniels

New York, March 24 - Nielsen & Bainbridge, LLC will use $37 million of mezzanine debt for acquisition financing, according to a market source.

The company will also use proceeds from a $92 million senior secured credit facility that it began syndicating this week. PNC Capital Markets LLC is the lead bank for the facility, which includes a $67 million term loan and a $25 million revolving credit facility.

The market source said pricing on the syndicated facility is talked at Libor plus 550 basis points with a 1.5% Libor floor and an original issue discount of 981/2.

Pro forma for the transaction, the company's senior leverage is 3.6 times and total leverage is 5.5 times.

Nielsen & Bainbridge is a Paramus, N.J.-based producer of picture framing products. It is owned by Kohlberg & Co., LLC.

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