White Cap Trims Loan, Bond Plan
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White Cap Industries Inc., which sells tools to building contractors in the western U.S., reduced a planned loan and junk bond sale 16% to $185 million, said people familiar with the company.
The 10-year note issue was halved to $60 million, while the company increased its senior secured bank loan to $125 million, from $100 million. Donaldson, Lufkin & Jenrette Securities is arranging both parts of the borrowing.
The changes were made after Costa Mesa-based White Cap delayed a shareholder meeting to vote on a merger with its management and a group led by Leonard Green & Partners LP, a Los Angeles-based private merchant banker.
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