Robertshaw to launch $655 million credit facilities on Tuesday

By Sara Rosenberg

New York, Feb. 2 – Robertshaw US Holding Corp. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch $655 million of credit facilities, according to a market source.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC are the bookrunners on the deal.

The facilities consist of a $50 million ABL revolver, a $480 million seven-year covenant-light first-lien term loan and a $125 million eight-year covenant-light second-lien term loan, the source said.

Both term loans have a 1% Libor floor.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due by the end of day on Feb. 15, the source added.

Proceeds will be used to help fund the buyout of the company by One Rock Capital Partners LLC.

Robertshaw is an Itasca, Ill.-based designer and manufacturer of systems and controls used in residential and commercial appliances, HVAC and transportation applications.

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