Douglas Dynamics to launch $290 million credit facility on Monday

By Sara Rosenberg

New York, Nov. 25 – Douglas Dynamics Inc. is set to hold a bank meeting at 2 p.m. ET on Monday to launch a $290 million credit facility, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facility consists of a $100 million five-year revolver and a $190 million seven-year term loan B, the source said.

Proceeds, along with cash on hand, will be used to fund the acquisition of Henderson for $95 million, subject to working capital, cash and other adjustments, to refinance existing debt and for general corporate purposes.

Closing is expected by year-end, subject to customary regulatory approvals and conditions.

Douglas Dynamics is a Milwaukee-based manufacturer of vehicle attachments and equipment. Henderson is a Manchester, Iowa-based manufacturer of customized, turnkey snow and ice control solutions for heavy-duty trucks.

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