Thermadyne to issue senior unsecured notes, get revolver with buyout

By Sara Rosenberg

New York, Oct. 6 - Thermadyne Holdings Corp. plans on selling senior unsecured notes and getting a new senior secured revolving credit facility to help fund its acquisition by Irving Place Capital, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The notes are backed by a bridge loan commitment.

Jefferies and RBC Capital Market provided the bridge loan commitment, and GE Antares Capital provided the revolver commitment.

Under the terms of the agreement, Thermadyne's shareholders will receive $15.00 per share in cash. The transaction is valued at about $422 million, excluding fees and expenses.

In connection with the transaction, all of Thermadyne's existing debt will be refinanced.

Closing on the buyout is expected to occur in December, subject to shareholder approval and other customary conditions.

Thermadyne is a St. Louis-based manufacturer and marketer of metal cutting and welding products and accessories.

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