Key Safety Systems to launch $470 million credit facility on Wednesday

By Sara Rosenberg

New York, April 16 - Key Safety Systems Inc. scheduled a bank meeting for 10:30 a.m. ET in New York on Wednesday to launch a $470 million credit facility, according to a market source.

UBS Securities LLC is the lead bank on the deal.

The facility consists of a $75 million 41/2-year revolver and a $395 million five-year first-lien term loan B, the source said.

The term B has 101 soft call protection for one year and amortization of 1% per annum.

Proceeds will be used to refinance existing debt.

Commitments are due on May 1, the source added.

Key Safety Systems is a Sterling Heights, Mich.-based supplier of automotive safety components and systems.

© 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.