Rexair sets Tuesday launch for new credit facility

By Sara Rosenberg

New York, June 2 - Rexair Inc. has scheduled a bank meeting for Tuesday to launch its proposed credit facility that will be used to fund Rhone Capital LLC's acquisition of the company from Jacuzzi Brands Inc. for about $170 million, according to a syndicate document.

Credit Suisse First Boston is the sole lead arranger on the deal.

All other details of the facility are still to be determined, the document added.

The acquisition, which is subject to financing, antitrust approval and other customary closing conditions, is expected to close by July 2.

Following completion of the acquisition, Jacuzzi will retain a 30% interest in Rexair.

Rexair is a Troy, Mich.-based manufacturer of the Rainbow vacuum cleaner system for the global direct sales market.

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