Wire Rope launches $170 million credit facility

By Sara Rosenberg

New York, Jan. 9 - Wire Rope Corp. of America held a bank meeting on Tuesday to launch its proposed $170 million credit facility, according to a market source. CIBC is the lead bank on the deal.

The facility consists of $60 million asset-based revolver and a $110 million term loan, the source said.

Proceeds will be used to help fund Fox Paine Management III, LLC's acquisition of the company from KPS Special Situations Fund II.

Wire Rope is a St. Joseph, Mo., producer and marketer of specialty wire ropes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.