Atlantic Inertial Systems launches $140 million credit facility

By Sara Rosenberg

New York, June 14 - Atlantic Inertial Systems held a bank meeting on Thursday to launch its proposed $140 million senior secured credit facility, according to a market source.

BNP Paribas is the lead bank on the deal.

The facility consists of a $25 million six-year revolver, a $15 million six-year sterling-denominated revolver, a $45 million seven-year term loan and a $55 million seven-year sterling-denominated term loan, with all tranches talked at Libor plus 300 to 325 basis points, the source said.

Proceeds will be used to help fund J.F. Lehman & Co.'s acquisition of BAE Systems' Inertial Products business, which is being renamed Atlantic Inertial Systems.

Leverage is about 3.0 times based on LTM EBITDA of $32 million.

Atlantic Inertial Systems supplies military and commercial customers with inertial sensors and measurement units for the control, navigation and guidance of air and ground vehicles, precision weapons systems, missiles and aerial targets as well as digital terrain systems for aircraft.

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