Data Device readies launch of $340 million credit facility for Monday

By Sara Rosenberg

New York, Dec. 3 - Data Device Corp. is scheduled to hold a bank meeting on Monday to launch its proposed $340 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $30 million revolver and a $310 million term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

Data Device is a Bohemia, N.Y.-based supplier of data networking services and MIL-STD-1553 interfaces.

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