Integrated Defense Technologies to hold bank meeting Thursday for add-on term loan

By Sara Rosenberg

New York, Sept. 20 - Integrated Defense Technologies Inc. is scheduled to hold a bank meeting Thursday regarding an add-on term loan, according to market sources. CIBC World Markets is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of a BAE Systems' division for $146 million. The transaction is expected to close during the first half of the fourth quarter 2002.

The size of the add-on has not yet been finalized, according to a company spokesman, but it is estimated at around $125 million. "It depends on cash on hand at the time of closing, "the spokesman added.

The interest rate on the add-on is expected to be similar to the rate on the existing term loans, if not slightly lower, according to the spokesman. Currently the company's term loans have an interest rate that can range from Libor plus 200 to 275 basis points, according to a filing with the Securities and Exchange Commission.

Integrated Defense is a Huntsville, Ala. developer and provider of advanced electronics and technology products to the defense and intelligence industries.

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