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RLPC-UPDATE 1-Oreck Corp $200 mln refinancing loan pulled

Fri Jun 29, 2007 6:00pm EDT

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NEW YORK, June 29 (Reuters) - Goldman Sachs & Co. on Friday pulled its $200 million refinancing loan for Oreck Corp., sources told Reuters Loan Pricing Corp.

The loan was launched in April but failed to gather interest from lenders. Investors have been reluctant to commit to the deal as Oreck has already breached covenants under its existing bank loan.

The deal consists of a $20 million revolver, a $130 million first-lien term loan and a $50 million second-lien term loan. The second-lien term loan has 102, 101 call protection.

In February 2005, Oreck tapped the loan market for a $195 million term loan (LIBOR +275) and a $20 million revolver to back a dividend payment to its owner, American Securities Capital Partners. RBS Securities led that deal.

The New Orleans-based company makes vacuum cleaners, irons and other home items.

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