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Arinc expected to launch $770 million credit facility soon
By Sara Rosenberg
New York, May 16 - Arinc Inc. is currently anticipated to hold a bank meeting within the next few weeks to launch its proposed $770 million credit facility, according to a market source.
JPMorgan and Lehman are the lead banks on the deal, with JPMorgan the left lead.
The facility consists of a $120 million revolver (B2/B+), a $60 million letter-of-credit facility (B2/B+), a $395 million first-lien term loan (B2/B+) and a $195 million second-lien term loan (Caa2/CCC+), the source said.
Proceeds from the already funded deal were used to help finance the leveraged buyout of the company by the Carlyle Group in late 2007.
Prior to now, there has not been a bank meeting to officially launch syndication of the credit facility.
Arinc is an Annapolis, Md.-based provider of transportation communications and systems engineering.
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