Daily News: April 16, 2014

Credit Suisse Agents Behrman Capital’s Pelican Recapitalization

Behrman Capital announced it completed a $570 million recapitalization for Pelican Products. The recapitalization is comprised of a $365 million first-lien term loan, a $175 million second-lien term loan and a $30 million revolver, which was unfunded at close. Credit Suisse acted as the administrative agent, and Credit Suisse and Morgan Stanley acted as syndication agents and co-bookrunners on the transaction.

Proceeds were used to repay existing debt and accrued interest, pay fees and expenses, and pay a cash dividend to shareholders.

Latham & Watkins acted as legal advisor to Behrman Capital for the transaction.

Grant G. Behrman, managing partner of Behrman Capital, said, “We are very pleased to have completed this recapitalization, which allowed us to return capital to shareholders, significantly lower Pelican’s interest rate, and substantially increase the company’s financial flexibility. The highly successful syndication reflects the strong credit profile that we have created in partnership with CEO Lyndon Faulkner and the entire Pelican team. The company continues to build market share in its core products while diversifying its business, domestically and internationally, through a combination of organic growth and strategic acquisitions.”

Pelican Products designs and manufactures case solutions and advanced portable lighting systems used by professionals in demanding markets, including firefighters, police, defense / military, aerospace, entertainment, industrial and consumer.