Redflex Holdings to launch $215 million credit facility on Thursday

By Sara Rosenberg

New York, March 18 - Redflex Holdings Ltd. is scheduled to hold a bank meeting on Thursday to launch a proposed $215 million credit facility, according to a market source.

Macquarie is the lead bank on the deal.

The facility consists of a $20 million revolver, a $175 million term loan B and a $20 million delayed-draw term loan, the source said.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group and Macquarie Group Ltd. for $2.74 (A$2.70) per share, or about $304 million. The delayed-draw loan will be available for capital expenditures.

The company is also getting a $75 million second-lien term loan that has been placed already, the source added.

Closing on the acquisition is expected in June, subject to shareholder and regulatory approval.

Redflex is a South Melbourne, Australia-based manufacturer and operator of highway safety equipment, including digital speed and red-light cameras.

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