Club Car readies launch of $775 million term loan for Monday

By Sara Rosenberg

New York, April 30 – Club Car is scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $775 million senior secured term loan, according to a market source.

Goldman Sachs Bank USA, BofA Securities Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Platinum Equity from Ingersoll Rand in a transaction valued at about $1.7 billion.

Other funds for the transaction will come from $450 million of other unsecured debt, the source added.

Closing is expected in the third quarter, subject to standard conditions.

Club Car is an Augusta, Ga.-based manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, including all-electric models, and related aftermarket parts and services.

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