Delphi gets commitment for £550 million bridge loan for acquisition

By Wendy Van Sickle

Columbus, Ohio, July 30 – Delphi Automotive plc received a £550 million bridge term loan commitment Thursday from Barclay’s Bank plc that may be used in Delphi’s acquisition of HellermannTyton Group plc, according to an 8-K filed with the Securities and Exchange Commission.

The bridge term loans may be drawn in U.S. dollars or pounds sterling for 364 days.

The facility has ratings-based interest ranging from Libor plus 112.5 basis points to 225 bps for the first 89 days. It has quarterly step-ups to Libor plus 137.5 bps to 250 bps, then Libor plus 162.5 bps to 275 bps, and finally Libor plus 187.5 bps to 300 bps.

Delphi announced an agreement to acquire all of the issued and to be issued shares of HellermannTyton, a Vienna, Austria-based manufacturer of cable management solutions, on Thursday for about £1.07 billion. Delphi said it expects the deal to close in the fourth quarter.

Delphi is a vehicle components manufacturer based in Gillingham, England.

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