Exide Technologies to launch $495 million credit facility Thursday

By Sara Rosenberg

New York, April 24 - Exide Technologies is scheduled to hold a bank meeting on Thursday to launch its proposed $495 million senior credit facility, according to a market source.

Deutsche Bank, Credit Suisse and Wachovia are the lead banks on the deal.

The facility consists of a $200 million asset-based revolving credit facility and a $295 million secured term loan.

Proceeds will be used to refinance the company's existing senior credit facility.

The deal is anticipated to close and fund in May.

Exide is an Alpharetta, Ga., manufacturer and supplier of lead acid batteries used in transportation, motive power, network power and military applications.

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