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Bel Fuse plans $120 million credit facility for Emerson Network buy
By Sara Rosenberg
New York, May 23 - Bel Fuse Inc. has received a commitment for a $120 million senior credit facility to help fund its $98 million acquisition of Emerson Network Power Connectivity Solutions business from Emerson Inc., according to an 8-K recently filed with the Securities and Exchange Commission.
KeyBank is the lead bank on the deal.
The facility consists of a $50 million revolver and a $70 million term loan.
Previously, the company revealed that it received a commitment from KeyBank for a $160 million senior credit facility - comprised of a $50 million revolver and a $110 million term loan - for its pending acquisition of Power-One Power Solutions from ABB Ltd. for about $117 million.
The revolver commitment for the Emerson Network purchase and the one for the Power-One purchase are the same, so the company will be getting one $50 million revolver in total, the filing explained.
However, the new $70 million term loan commitment is in addition to the earlier $110 million term loan commitment.
Closing on both acquisitions is expected this quarter, subject to regulatory approvals and other customary conditions.
Bel Fuse is Jersey City, N.J.-based designer, manufacturer and seller of products for the networking, telecommunications, high-speed data transmission, aerospace, military transportation and consumer electronics industries. Emerson Network is a provider of connectors and assemblies for high-performance radio frequency and microwave and harsh environment optical applications. Power-One is a San Jose, Calif.-based provider of high-efficiency and high-density power conversion products.
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