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Lippert eyes revolver borrowings and/or incremental loan for CURT buy
By Sara Rosenberg
New York, Nov. 22 – Lippert Components Inc. plans on using borrowings under its revolving credit facility and/or a potential new incremental term loan, as well as cash on hand, to fund its roughly $340 million acquisition of CURT Group, according to an 8-K filed with the Securities and Exchange Commission on Friday.
Net debt to EBITDA is expected to be 1.9x at transaction close.
Closing is expected this year, subject to customary conditions, including regulatory approval.
Lippert, a wholly owned subsidiary of Elkhart, Ind.-based LCI Industries, is a supplier of highly engineered components for the original equipment manufacturers in the recreation and transportation product markets. CURT is an Eau Claire, Wis.-based manufacturer and distributor of branded towing products and truck accessories for the aftermarket.
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