Fortive’s Stevens unit gets $400 million bridge loan commitment

By Marisa Wong

Morgantown, W.Va., March 7 – Fortive Corp.’s wholly owned subsidiary, Stevens Holding Co., Inc., entered into a commitment letter on March 7 with Goldman Sachs Bank USA for $400 million of senior unsecured increasing rate bridge loans, according to an 8-K filing with the Securities and Exchange Commission.

The amount of bridge loans will be reduced by the amount of gross cash proceeds received by Stevens from the issuance of senior unsecured notes and by the principal amount of senior unsecured notes issued by Stevens to Fortive and transferred under a debt exchange.

Stevens will use proceeds from the bridge loans to make a cash payment to Fortive in connection with Fortive transferring its automation and specialty business to Altra Industrial Motion Corp.

The transaction, valued at $3 billion, is expected to close by the end of 2018.

Fortive is an industrial company based in Everett, Wash.

© 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.