Angelica Dumps Dividend For Acquisition

Here’s something new. Angelica Corp, which is owned by the former Lehman Brothers Merchant Banking, has pulled its planned dividend deal. Instead, Angelica, which provides outsourced linen management services to the U.S. healthcare industry, has told its lenders that it’s pursuing an acquisition, according to my compadres at Thomson Reuters Loan Pricing Corp. Last week, Angelica was in the market for a $185 million loan that was three times oversubscribed, LPC said. Macquarie Capital was leading sale of the loan, which was intended to pay a dividend to shareholders and refinance existing debt, LPC said.

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