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Atkore to get debt financing for buyout by Clayton, Dubilier & Rice
By Sara Rosenberg
New York, Nov. 9 - Atkore International plans on getting new debt financing to help fund Clayton, Dubilier & Rice LLC's acquisition of a 51% interest in the company, according to a news release.
Credit Suisse, Deutsche Bank and UBS are the lead banks on the debt.
Under the agreement, Clayton, Dubilier & Rice are buying the majority interest in Tyco International Ltd.'s electrical and metal products business, which will be renamed Atkore, in a transaction valued at about $1 billion.
As part of the transaction, Clayton, Dubilier & Rice will invest $306 million of equity in the company.
Closing is expected to take place in the next two months.
Atkore is a Harvey, Ill.-based manufacturer of galvanized steel tubing, sprinkler pipe, steel and flexible non-metallic conduit, pre-wired armored and metal clad electrical cables, cable tray, strut and metal framing systems.
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