Firth Rixson plans to launch $800 million credit facility on Friday

By Sara Rosenberg

New York, Nov. 8 - Firth Rixson Ltd. is set to hold a bank meeting on Friday to launch an $800 million credit facility, according to a market source.

Deutsche Bank Securities Inc., Barclays, HSBC, Lloyds Securities LLC and GE Capital Markets are leading the deal.

The facility consists of a $120 million revolver due March 2017 and a $680 million first-lien term loan due June 2017 that could include an up to £150 million tranche.

Covenants include net leverage and interest coverage ratios.

Proceeds will be used to refinance existing debt.

Firth Rixson is a U.K.-based provider of seamless rolled rings, closed die forgings, open die forgings, extruded forgings and specialty metals primarily to the aerospace market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.