Dexter Axle to launch $280 million credit facility on Thursday

By Sara Rosenberg

New York, Feb. 10 - Dexter Axle Co. is set to hold a bank meeting on Thursday to launch a $280 million credit facility, according to a market source.

BNP Paribas Securities Corp. is the lead bank on the deal.

The facility consists of a $25 million revolver and a $255 million term loan, the source said.

The term loan has a 1% Libor floor and 101 soft call protection for six months, the source continued.

Proceeds will be used to refinance existing debt, including mezzanine debt.

Net senior and net total leverage is 3.9 times, the source added.

Dexter Axle is an Elkhart, Ind.-based manufacturer of trailer axles and trailer brakes.

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