Mark IV Industries to launch $295 million in term debt Thursday

By Sara Rosenberg

New York, May 16 - Mark IV Industries Inc. is scheduled to hold a bank meeting on Thursday morning to launch $295 million in new term loan debt, according to a market source.

The debt will consist of a $125 million add-on to the company's existing term loan B and a new $170 million second-lien term loan, the source said, adding that price talk is still to be determined.

Bear Stearns, JPMorgan and Credit Suisse are joint lead arrangers and joint bookrunners on the deal, with Bear Stearns the administrative agent on the second-lien loan and JPMorgan administrative agent on the term loan B add-on.

Ratings on the transaction are expected to emerge shortly in the strong single-B category, the source added.

Proceeds will be used to fund a tender offer and consent solicitation for the company's $250 million of 7½% senior subordinated notes due 2007, which expires on June 13.

The company's existing $150 million revolver and euro term loan will remain in place as is.

Mark IV is an Amherst, N.Y., maker of engineered systems and components for transportation infrastructure, vehicles and equipment.

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