Progressive Moulded Products loan details emerge

By Sara Rosenberg

New York, July 13 - Progressive Moulded Products Ltd.'s C$415 million credit facility's size, structure and pricing information surfaced in a bank meeting on Tuesday.

JPMorgan and CIBC are the lead banks on the deal.

The facility consists of a C$50 million five-year revolving credit facility with price talk of Libor plus 300 basis points, a U.S. dollar equivalent C$75 million five-year term loan A with price talk of Libor plus 300 basis points and a U.S. dollar equivalent C$290 million seven-year term loan B with price talk of Libor plus 350 basis points, a source said.

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

Progressive is a supplier of plastic automotive interior subsystems.

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