Valmont Industries gets $200 million unsecured bridge term loan

By Sara Rosenberg

New York, March 9 - Valmont Industries Inc. closed on a $200 million 364-day senior unsecured bridge term loan, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Credit Suisse and Bank of America acted as the joint lead arrangers and bookrunners on the deal that was completed on March 3, with Bank of America the administrative agent.

Pricing on the bridge loan is Libor plus 325 basis points, increasing by 50 bps 90 days after the initial borrowing, and 120 days after the initial borrowing, interest will accrue at 12% per annum.

Proceeds will be used to help fund the acquisition of the issued and to-be-issued ordinary share capital of Delta plc if other financing sources are not available.

Valmont is an Omaha, Neb.-based producer of fabricated metal products, pole and tower structures and mechanized irrigation systems.

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