Tecumseh Products to launch $375 million credit facility Wednesday

By Sara Rosenberg

New York, Jan. 10 - Tecumseh Products Co. is scheduled to hold a bank meeting on Wednesday to launch its proposed $375 million credit facility, according to a market source.

The facility consists of a $275 million revolver and a $100 million second-lien term loan, the source said.

Citigroup and JPMorgan are joint leads on the revolver, and Citi is lead on the second-lien term loan.

Details on use of proceeds and price talk are unavailable at this time, the source added.

Tecumseh Products is a Tecumseh, Mich., manufacturer of hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for lawn and garden applications, submersible pumps and small electric motors.

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