CTP Transportation plans $150 million revolver, $225 million notes

By Sara Rosenberg

New York, Oct. 22 - CTP Transportation Products LLC plans on getting an up to $150 million asset-based revolving credit facility and issuing $225 million of senior secured notes to help fund its buyout by American Industrial Partners, according to an 8-K filed with the Securities and Exchange Commission by Carlisle Cos. Inc. on Tuesday.

SunTrust Robinson Humphrey Inc. is leading the financing.

Other funds for the transaction will come from up to $130 million of equity.

American Industrial Partners is buying CTP from Carlisle for $375 million.

Closing is expected in the first quarter of 2014, subject to customary conditions, including regulatory clearances.

CTP is a manufacturer and distributor of bias-ply and radial tires, stamped and roll-formed steel wheels and tire and wheel assemblies to non-automotive customers, and power transmission belts and related components to industrial customers.

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