Formica credit facility now expected to be post-Labor Day business

By Sara Rosenberg

New York, July 13 - Formica Corp.'s proposed credit facility is now expected to launch after Labor Day as opposed to previous anticipations of a possible July bank meeting, according to a buyside source. Bank of America is the lead bank on the deal.

It has been heard that the facility will be sized at $350 million, consisting of a $50 million revolver, a $225 million first-lien term loan of which at least half will be dollar denominated and the remainder will contain a U.K. piece, a Canadian piece and another European piece, and a $75 million second-lien term loan, the source said.

However, whether the deal will be launched with this structure is somewhat hard to say being that the launch is a ways off.

Proceeds will be used for a dividend payment and to buy back some existing bonds.

Formica is a Cincinnati-based designer and manufacturer of surfacing materials.

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