Intermet to launch $285 million credit facility

By Sara Rosenberg

New York, Oct. 11 - Intermet Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $285 million exit financing credit facility, according to a market source.

Goldman Sachs is the lead bank on the deal.

The facility consists of an $80 million revolver, a $100 million first-lien term loan B, a $35 million synthetic letter-of-credit facility and a $70 million second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Intermet is a Troy, Mich.-based auto parts maker.

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