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TransDigm sets size of new credit facility at $800 million, releases talk
New York, June 2 - TransDigm Inc.'s new credit facility (B1/B+) will be sized at $800 million and will include a $150 million six-year revolver and a $600 million seven-year term loan B, according to a syndicate release.
Talk on both tranches is Libor plus 200 basis points. The revolver has a 50 basis point commitment fee.
As previously reported, a bank meeting for the deal is scheduled for Wednesday.
Credit Suisse and Bank of America are joint lead arrangers on the deal, with Credit Suisse the left lead.
Proceeds from the credit facility, a new issue of senior subordinated notes and cash on hand will be used to fund a bond tender, to refinance all outstanding bank debt and to pay related fees and expenses.
The company is tendering for its $400 million of 8 3/8% senior subordinated notes due 2011. The offer expires on June 22.
TransDigm is a Cleveland-based designer, producer and supplier of highly engineered aircraft components for commercial and military aircraft.
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