Ultra Electronics to launch $855 million and €475 million term loans on Wednesday

By Sara Rosenberg

New York, Nov. 1 – Ultra Electronics will hold a lender call at 11 a.m. ET on Wednesday to launch an $855 million seven-year term loan B and a €475 million seven-year term loan B, according to a market source.

Barclays is the physical bookrunner on the U.S. term loan. Barclays, BNP Paribas Securities Corp., Credit Suisse and HSBC are physical bookrunners on the euro term loan. Goldman Sachs, Jefferies LLC, Lloyds, Morgan Stanley Senior Funding Inc., NatWest, RBC Capital Markets, SMBC and UniCredit are mandated lead arrangers. Credit Suisse is the administrative agent.

The term loans have 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Nov. 16.

Proceeds will be used to help fund the acquisition of the company by Advent, refinance existing debt and pay transaction fees and expenses.

Ultra Electronics is a London-based manufacturer of electronic and electromechanical systems, sub-systems, and products for defense, security and aerospace applications.

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