Thermon plans $310 million credit facilities for CCI Thermal purchase

By Sara Rosenberg

New York, Oct. 4 – Thermon Group Holdings Inc. plans on getting $310 million of senior secured credit facilities to help fund its acquisition of CCI Thermal Technologies Inc. for C$258 million and to repay an existing term loan, according to a news release.

J.P. Morgan Securities LLC is the lead bank on the debt.

The facilities consist of a $60 million revolver and a $250 million seven-year term loan B.

Other funds for the acquisition will come from cash on hand.

Net leverage at closing is expected to be about 3.4 times.

Thermon is a San Marcos, Texas-based provider of highly engineered thermal solutions for process industries, including energy, chemical processing and power generation. CCI is an Edmonton, Alberta-based developer and producer of advanced heating and filtration solutions for industrial and hazardous area applications.

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