Key Safety to launch change-of-control loan amendment on Tuesday

By Sara Rosenberg

New York, Feb. 22 – Key Safety Systems will hold a call on Tuesday to launch an amendment to its credit facility that would allow for a change of control in connection with its acquisition by Ningbo Joyson Electronic Corp., according to a market source.

UBS AG is the lead bank on the amendment.

Ningbo Joyson Electronic is buying the company from FountainVest Partners, the Canada Pension Plan Investment Board, Crestview Partners and members of management in a cash transaction valued at about $920 million.

Closing on the acquisition is expected in the first half of this year, subject to regulatory filings, approvals and other customary conditions.

Key Safety is a Sterling Heights, Mich.-based supplier of advanced engineered safety products for automotive and non-automotive markets. Ningbo Joyson is a Ningbo, China-based automotive supplier.

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