IPS to launch $115 million credit facility on Wednesday via GE Capital

By Sara Rosenberg

New York, July 10 - IPS Corp. is set to hold a bank meeting on Wednesday to launch a proposed $115 million five-year credit facility, according to a market source.

GE Capital Markets is the lead on the deal.

The facility consists of a $20 million revolver and a $95 million term loan, with both tranches talked at Libor plus 525 basis points with a 1.25% Libor floor, the source said.

Amortization on the term loan is 1% in year one, 3% in year two and 5% thereafter.

Proceeds will be used to refinance existing debt.

IPS is a Compton, Calif.-based manufacturer of adhesive cements, structural adhesives and niche plumbing products primarily for residential, commercial, industrial and international markets.

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