Progressive Moulded Products credit facility to launch Tuesday

By Sara Rosenberg

New York, July 12 - Progressive Moulded Products Ltd.'s proposed credit facility will launch Tuesday, according to an informed source.

JPMorgan and CIBC are the lead banks on the deal.

Details on the loan, including size and structure, are not being revealed at this time, the source added.

Proceeds will help fund Thomas H. Lee Partners' acquisition of the company from an ownership group led by Oak Hill Capital Partners.

Goldman Sachs will provide mezzanine financing for the leveraged buyout.

Credit Suisse First Boston LLC was the buyside mergers and acquisitions adviser to Thomas H. Lee Partners in the transaction. J.P. Morgan Securities Inc. and CIBC World Markets were the sellside M&A advisers to Progressive and Oak Hill.

Progressive is a supplier of plastic automotive interior subsystems.

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