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Vigor/MHI readies launch of $500 million term loan B for Sept. 4
By Sara Rosenberg
New York, Aug. 28 – Vigor Industrial/MHI Holdings is scheduled to hold a bank meeting at 11 a.m. ET on Sept. 4 to launch a $500 million seven-year term loan B, according to a market source.
BofA Securities Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Citizens Bank and Mizuho are the lead banks on the deal.
Proceeds will be used to help fund the buyout and merger of Vigor Industrial and MHI by the Carlyle Group and Stellex Capital Management.
Closing is expected by the end of the third quarter, subject to customary conditions.
Vigor Industrial, majority-owned by chief executive officer Frank Foti, is a provider of complex fabrication and ship repair services. MHI, owned by Stellex Capital, is a provider of full-range ship maintenance, repair and modernization services.
The combined company will create a bicoastal leader in critical ship repair services and commercial and defense-related fabrication services.
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