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Consolidated Precision ups pricing on $157 million credit facility to Libor plus 475 bps
By Sara Rosenberg
New York, April 17 - Consolidated Precision Products increased pricing on both tranches under its $157 million credit facility to Libor plus 475 basis points from original talk at launch of Libor plus 450 bps, according to a market source.
In addition, the original issue discount on both tranches was increased to 98 from 981/2, the source said.
The deal is comprised of a $20 million revolver and a $137 million term loan.
GE Capital and the Bank of Ireland are the lead banks on the credit facility.
Proceeds will be used to help fund the acquisition of the company by Arlington Capital.
Other financing will come from $59 million of mezzanine debt provided by Audax.
Leverage through the credit facility is 3.39 times and total leverage is 4.85 times. The company has $180 million of sales and $40 million of EBITDA.
Consolidated Precision Products is a manufacturer of highly engineered, complex metal components and assemblies supplying the commercial aerospace, military and defense markets.
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