DiversiTech to launch $1.22 billion credit facilities on Monday

By Sara Rosenberg

New York, Dec. 3 – DiversiTech is scheduled to hold a lender call at 3 p.m. ET on Monday to launch $1.215 billion of senior secured credit facilities, according to a market source.

RBC Capital Markets, UBS Investment Bank, Barclays, Societe Generale, Citizens Bank, Natixis and Santander are the arrangers on the deal.

The facilities consist of a $100 million revolver, a $725 million first-lien term loan, a $150 million delayed-draw first-lien term loan and a $240 million second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Partners Group from Permira in a transaction with an enterprise value of $2.2 billion.

Other funds for the buyout will come from $1.32 billion of equity, representing about 58% of total capitalization.

As part of the transaction, Permira and management will remain minority investors in the company.

DiversiTech is an Atlanta-based manufacturer of products and components for the heating, ventilation, air conditioning and refrigeration industry.

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