EPD details $1.16 billion credit facility for buyout by Carlyle

By Sara Rosenberg

New York, April 27 - EPD Inc. released details on the financing for its buyout by The Carlyle Group, including plans for a $1.16 billion credit facility, according to a 10-Q filed with the Securities and Exchange Commission Friday.

Lehman Brothers, Goldman Sachs and JPMorgan are the lead banks on the deal.

The facility consists of a $1.06 billion term loan and a $100 million revolver.

EPD, which is the Engineered Products Division of The Goodyear Tire & Rubber Co., is being bought by Carlyle in an all-cash transaction valued at $1.475 billion.

Other buyout financing will come from a $468.9 million equity commitment,

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals as well as completion of a labor agreement with the United Steelworkers union.

EPD is an Akron, Ohio, manufacturer of hoses, conveyor belts and power transmission belts, as well as tank tracks for military and off-road vehicles.

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