Madison IAQ readies launch of $1.93 billion term loan for Thursday

By Sara Rosenberg

New York, June 2 – Madison IAQ is set to hold a lender call at 11 a.m. ET on Thursday to launch a $1.925 billion first-lien term loan, according to a market source.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., CIBC, Barclays, BofA Securities Inc., HSBC Securities (USA) Inc., MUFG, Capital One, Golub and Stifel are the lead arrangers on the deal.

Proceeds will be used with $600 million of other secured debt, $885 million of unsecured debt and equity from Madison Industries to fund the acquisition of Nortek Air from Melrose Industries plc and refinance Madison IAQ’s existing debt.

Closing is expected this summer.

Madison IAQ is a provider of indoor air quality solutions. Nortek Air is a provider of critical air management, thermal and HVAC solutions.

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