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Chart Industries plans up to $450 million in term debt for Air-X buy
By Sara Rosenberg
New York, May 9 – Chart Industries Inc. has received a commitment for up to $450 million in new term loan financing to help fund its acquisition of Harsco Corp.’s Industrial Air-X-Changers business, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
JPMorgan Chase Bank provided the debt commitment.
The company has also received a commitment from JPMorgan to backstop its existing revolving credit facility up to $550 million.
Under the agreement, the Industrial Air-X-Changers business is being bought for $592 million in cash.
Other funds for the acquisition will come from cash on hand and debt under the company’s current credit facility.
Closing is expected this summer, subject to customary conditions including the expiration of the applicable waiting period under the HSR Act.
Chart Industries is a Ball Ground, Ga.-based manufacturer of highly engineered equipment servicing multiple market applications in energy and industrial gas.
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