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Wesco seeks $100 million term loan add-on
By Sara Rosenberg
New York, June 12 - Wesco Aircraft Hardware Corp. is in market with a $100 million term loan add-on, according to a market source.
Lehman and Bank of America are the lead banks on the deal that was launched to existing lenders on Wednesday.
The term loan is talked at Libor plus 225 basis points, which is the same as the existing term loan pricing, and the original issue discount in being guided in line with existing trading levels, which is around the 971/2, 98 context, the source said.
The add-on is being done under the accordion feature in the company's existing credit agreement.
Proceeds will be used to fund the acquisition of Airtechnics Inc., a Wichita, Kan., distributor of electrical components to the aerospace industry.
The transaction is expected to close around June 30.
Wesco is a Valencia, Calif., integrated inventory management services provider and distributor of hardware and other components to the aerospace industry.
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