Morton gets commitment for $84.375 million in debt financing for purchase by Brazos

By Sara Rosenberg

New York, March 23 - Morton Industrial Group Inc. has received a commitment for $62 million in senior debt financing and $22.375 million in subordinated debt financing to help back its purchase by Brazos Private Equity Partners LLC, according to an 8-K filed with the Securities and Exchange Commission Thursday.

National City Bank has provided the commitment for the senior debt financing and Massachusetts Mutual Life Insurance Co. has provided the commitment for the subordinated debt financing.

Under the agreement, Brazos will pay $10.00 in cash per share to Morton shareholders, for a total equity value of about $60 million and an implied enterprise value of about $100 million.

Completion of the transaction, which is expected to occur in the second quarter, is subject to customary closing conditions, including the receipt of financing, regulatory approvals and shareholder approval.

Morton is a Morton, Ill.-based contract fabrication supplier.

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