RBC Bearings plans $550 million credit facility for Sargent purchase

By Sara Rosenberg

New York, March 26 – RBC Bearings Inc. has received a commitment for a $550 million credit facility to help fund its acquisition of the Sargent Aerospace & Defense business of Dover Corp., according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC is the lead bank on the deal.

The facility consists of a $350 million revolver and a $200 million senior term loan A.

Other funds for the transaction will come from cash on hand.

Closing on the $500 million acquisition is expected in the second quarter, subject to customary conditions, including regulatory review.

RBC Bearings is an Oxford, Conn.-based manufacturer of highly engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries. Sargent is a Tucson, Ariz.-based provider of precision-engineered products, solutions and repairs for aircraft airframes and engines, rotorcraft, submarines and land vehicles.

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