ILC Industries launches $130 million credit facility Wednesday

By Sara Rosenberg

New York, Feb. 26 - ILC Industries Inc. launched a $130 million senior secured credit facility on Wednesday, according to a syndicate source. UBS Warburg is the lead bank on the deal.

The loan consists of a $15 million five-year revolver with an interest rate of Libor plus 350 basis points and a $115 million seven-year term loan B with an interest rate of Libor plus 400 basis points.

Proceeds will be used to help fund the leveraged buyout of ILC by Behrman Capital and Clifford Lane. Furthermore, Blackstone Mezzanine Partners is providing subordinated debt to fund the transaction.

ILC is a Bohemia, N.Y. supplier of defense electronics, advanced microelectronic components and engineered materials to the defense, aerospace and industrial sectors.

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