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TransDigm $440 million credit facility to launch Tuesday
By Sara Rosenberg
New York, June 27 - TransDigm Holding Co.'s is scheduled to hold a bank meeting for a $440 million senior secured credit facility on Tuesday morning, according to market sources. Credit Suisse First Boston is the lead arranger on its bank debt financing.
The facility is expected to consist of a $360 million term loan B and an $80 million revolver, sources said. Price talk on the term loan B is currently Libor plus 375 basis points, "but it will probably come inside of that given market conditions today," a market professional added.
Proceeds will be used to help fund the leveraged buyout of TransDigm by an affiliate of Warburg Pincus and senior members of management from Odyssey Investment Partners LLC. The transaction is valued at approximately $1.1 billion. The agreement is subject to customary conditions, including regulatory approval and the closing of a tender offer for TransDigm's 10 3/8% senior subordinated notes due 2008. The LBO is expected to be completed in the third quarter of calendar 2003.
TransDigm is a Richmond Heights, Ohio supplier of proprietary aerospace components.
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