Aeroflex postpones $370 million 10-year note offering due to market conditions

By Paul A. Harris

St. Louis, Aug. 16 - Aeroflex Inc. postponed its $370 million 10-year senior note offering due to unfavorable market conditions, according to an informed source.

The Goldman Sachs-led deal was launched in mid-July to help fund the leveraged buyout of the company by Veritas Capital.

In place of the bonds, the underwriters will supply bridge financing.

On Wednesday Aeroflex's $575 million credit facility was allocated.

The $400 million first-out term loan priced at an original issue discount of 95.00 and will bear interest at Libor plus 325 basis points. Meanwhile a $125 million first-loss term loan priced at 93.00 and pays Libor plus 375 bps. A $50 million revolving credit facility is priced at Libor plus 325 bps.

Aeroflex is a Plainview, N.Y., provider of technology services to the aerospace, defense, cellular and broadband communications markets.

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