X-Rite sets Thursday launch for $220 million credit facility

By Sara Rosenberg

New York, May 19 - X-Rite Inc. has scheduled a bank meeting for Thursday to launch its proposed $220 million credit facility, according to a market source.

Goldman Sachs is the lead bank on the deal.

The facility consists of a $40 million revolver (B1), a $120 million first-lien term loan (B1) and a $60 million second-lien term loan (B3).

X-Rite does expect to drive down leverage significantly with rapid debt repayment in two to five years, according to a presentation by the company.

Proceeds from the facility, along with $80 million in equity and $44 million in cash on hand, will fund the acquisition of Amazys Holding AG, which is split between about $280 million in cash plus 2.11 shares of X-Rite for each share of Amazys.

X-Rite is a Grandville, Mich., provider of color measurement products comprised of hardware, software and services for the verification and communication of color data. Amazys is a Regensdorf, Switzerland, technological leader of color management services for graphic arts, photography, digital imaging, paints, plastics, apparel, textiles and automotive, among other industries.

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