Jason readies launch of $460 million credit facility for Wednesday

By Sara Rosenberg

New York, April 28 - Jason Inc. will hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $460 million credit facility, according to a market source.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are the bookrunners on the deal.

The facility consists of a $40 million revolver, a $300 million seven-year covenant-light first-lien loan and a $120 million eight-year covenant-light second-lien loan.

Proceeds will be used to help fund the buyout of the company by Quinpario Acquisition Corp. from Saw Mill Capital LLC, Falcon Investment Advisors LLC and other investors for $538.65 million, a 6.75 multiple of the company's pro forma 2013 EBITDA.

Other funds for the transaction will come from rollover equity invested by the current owners and management of Jason and proceeds from Quinpario's initial public offering that was completed in August.

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

Jason is a Milwaukee-based manufacturer of items within the seating, finishing, components and automotive acoustics markets. Quinpario is a St. Louis-based special purpose acquisition company.

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