Kaman readies launch of $790 million term loan B for Tuesday

By Sara Rosenberg

New York, March 15 – Kaman Corp. (Ovation Parent Inc.) is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a $790 million seven-year senior secured first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Based on filings with the Securities and Exchange Commission, the company is also expected to get a $150 million revolving credit facility.

Proceeds will be used with equity to fund the buyout of the company by Arcline Investment Management LP for $46.00 per share in cash. The transaction has a total enterprise value of about $1.8 billion.

Closing is expected in the first half of this year, subject to customary conditions, including approval by Kaman shareholders and receipt of required regulatory approvals.

Kaman is a Bloomfield, Conn.-based OEM and producer of subassemblies, components and parts for the aerospace & defense, industrial and medical markets.

© 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.