MECS to launch $190 million credit facility on Thursday

By Sara Rosenberg

New York, Jan. 8 - MECS Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $190 million credit facility, according to a market source.

GE Capital is the lead bank on the deal.

The facility consists of a $40 million revolver and a $150 million term loan, with both tranches talked at Libor plus 400 basis points, the source said.

An original issue discount on the deal is expected to be announced at the launch, the source added.

Proceeds will be used to help fund the buyout of the company by American Securities Capital Partners.

MECS is a Chesterfield, Mo., provider of engineering, procurement and construction management services to processing plants that use sulfuric acid in their processes.

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