TNT Crane to launch $645 million credit facility on Thursday

By Sara Rosenberg

New York, Nov. 5 - TNT Crane & Rigging Inc. is set to hold a bank meeting at 9 a.m. ET on Thursday to launch a $645 million credit facility, according to a market source.

Goldman Sachs Bank USA, Macquarie Capital and RBC Capital Markets are the lead banks on the deal.

The facility consists of a $75 million five-year revolver, a $400 million seven-year first-lien term loan B and a $170 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by First Reserve and management from Odyssey Investment Partners.

Closing is expected by year-end, subject to certain regulatory approvals.

TNT is a Houston-based provider of lifting services and equipment to customers in the energy and industrial infrastructure end markets.

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