Nortek sets Wednesday launch for $350 million revolver

By Sara Rosenberg

New York, May 23 - Nortek Inc. has scheduled a bank meeting for Wednesday to launch its $350 million five-year senior secured asset-based revolving credit facility, according to a market source.

Bank of America, Credit Suisse and Goldman Sachs are the lead banks on the deal that already closed on May 20.

Availability under the revolver is initially limited to $175 million.

Borrowings of $50 million under the revolver, along with $750 million in senior secured notes, were used to repay the company's existing senior secured credit facility.

Nortek is a Providence, R.I.-based manufacturer and distributor of building products for residential, light commercial and commercial applications.

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