Texas Instruments' Sensors & Controls credit facility expected as April business

By Sara Rosenberg

New York, March 20 - Texas Instruments Inc.'s Sensors & Controls business is expected to hold a bank meeting in April - likely two to three weeks from now - to launch its proposed leveraged buyout financing credit facility, according to a market source.

Morgan Stanley, Bank of America and Goldman Sachs are the lead banks on the deal.

Under the LBO agreement, Bain Capital LLC is acquiring the Sensors & Controls business for $3 billion in cash.

To fund the LBO, Bain has received a commitment letter for $2.125 billion in debt and $975 million in equity.

This $2.125 billion debt package will include bonds in addition to the new credit facility.

Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets.

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