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Tomkins' Air Distribution division moves bank meeting to Oct. 18
By Paul A. Harris
Portland, Ore., Oct. 9 - Tomkins Air Distribution division is scheduled to hold a bank meeting on Oct. 18 to launch a $760 million credit facility, according to a market source.
The meeting was previously expected to occur on Oct. 16.
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, a division of London-based Tomkins plc, is a manufacturer of products that are used to distribute, recycle and vent air in nonresidential and residential buildings.
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