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Several loan investors were undecided last week whether to stay in Moore Wallace as Citibank moved ahead with a plan to reprice the $500 million "B" loan at LIBOR plus 2%.
Several loan investors were undecided last week whether to stay in Moore Wallace as Citibank moved ahead with a plan to reprice the $500 million "B" loan at LIBOR plus 2%. Moore Wallace's credit was repriced in August from LIBOR plus 3% to LIBOR plus 21/2% and investors are frustrated to see the company and Citi coming back for more so soon. John Laurie, senior v.p. and treasurer of Moore-Wallace, declined to comment on whether the company was approached by Citi or vice versa with the idea. He referred questions to Citi bankers. Michael Mauer, managing director and head of U.S. loan syndicate, and a spokeswoman declined comment. Despite the frustration, the deal is expected to get done.