Circor International plans new debt financing for buyout by KKR

By Sara Rosenberg

New York, June 5 – Circor International Inc. has received a commitment for debt financing to help fund its acquisition by KKR, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Under the agreement, Circor shareholders will receive $49 per share in cash. The transaction is valued at about $1.6 billion, including the assumption of debt.

Other funds for the buyout will come from equity.

Closing is expected in the fourth quarter, subject to shareholder approval, regulatory approvals and other customary conditions.

Citi and Kirkland & Ellis LLP are serving as advisers to KKR. J.P. Morgan Securities LLC and Ropes & Gray LLP are serving as advisers to Circor.

Circor is a Burlington, Mass.-based provider of mission critical flow control products and services for the industrial and aerospace & defense markets.

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