Novela Law Assists The Legacy Companies Negotiating Up to $30 Million Mezzanine Term Loan and $15 Million Senior Loan Facility, for the $30 Million Acquisition of Excalibur

Oct 26, 2011, 22:05 ET from Novela Law

MIAMI, Oct. 26, 2011 /PRNewswire/ -- The Miami law firm, Novela Law, specializing in complex domestic and international business transactions, represented The Legacy Companies, a Weston Florida based company, in negotiating and acquiring Excalibur's food dehydrator business based in Sacramento California, for approximately $30 Million. The acquisition will make The Legacy Companies the largest food dehydrator manufacturer and distributor in the United States.  The acquisition was financed with an up to $30 Million Mezzanine Term Loan from an unnamed lender, and a $15 Million Senior Loan Facility from PNC Bank. The Legacy Companies is a leader in commercial and residential health and wellness equipment, with a complete line including blenders, juicers, and now food dehydrators.

Novela noted, "It has been a pleasure to represent The Legacy Companies for the last 10 years.  This transaction was quite interesting because it was essentially 3 separate transactions. A $30 Million Acquisition of Excalibur, an up to $30 Million Mezzanine Term Loan and a $15 Million revolving Senior Loan Facility.  Each party had separate counsel and each party had diverse interest. Additionally, there were other pre-existing secured lenders whose interest had to be subordinated to the Senior and Mezzanine lenders. Getting everyone to agree in a way that was beneficial to my client was the tricky part and is what really makes my job interesting. Additionally, time was of the essence. Year-end is traditionally the most lucrative time for Excalibur, so each day of delay would have been costly to my client.  In the end we achieved a great result for the client, closing all three transactions simultaneously and within the time frame we had originally expected."

About Novela Law

Novela Law is a boutique Miami law firm focused on complex business and real estate transactions requiring innovative legal solutions.  The firm's corporate practice has included both domestic and international asset and stock purchases, merger agreements, corporate, project and acquisition finance, commercial finance, and counseling for ideal offshore corporate and trust structures.  The firm is headquartered at its 1390 Brickell Ave. office in Miami, FL. Further information about the firm can be located at www.novelalaw.com.

SOURCE Novela Law



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