Tomkins' Air Distribution to launch $760 million facility on Oct. 16

By Sara Rosenberg

New York, Oct. 3 - Tomkins' Air Distribution is scheduled to hold a bank meeting on Oct. 16 to launch a $760 million credit facility, according to a market source.

RBC Capital Markets LLC, Barclays and UBS Securities LLC are the lead banks on the deal.

The facility consists of a $100 million revolver, a $525 million first-lien term loan and a $135 million second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Canada Pension Plan Investment Board and Onex Corp. from Tomkins (Pinafore Holdings BV) for about $1.1 billion.

Closing is expected in the fourth quarter, subject to customary conditions.

Tomkins' Air Distribution is a manufacturer of products that are used to distribute, recycle and vent air in non-residential and residential buildings.

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