Duravant to launch $780 million credit facilities on Tuesday morning

By Sara Rosenberg

New York, July 6 – Duravant LLC (Engineered Machinery Holdings Inc.) is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch $780 million of senior secured credit facilities, according to a market source.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Antares Capital are the bookrunners on the deal.

The facilities consist of a $70 million five-year revolver, a $500 million seven-year first-lien term loan and a $210 million eight-year second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the buyout of the company by Warburg Pincus from Odyssey Investment Partners.

Closing is expected in the third quarter, subject to customary regulatory approvals.

Duravant is a Downers Grove, Ill.-based automation and engineered equipment company serving the food processing, packaging and material handling sectors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.