Chromalox to launch $74 million credit facility on Wednesday

By Sara Rosenberg

New York, June 26 - Chromalox Precision Heating & Control is scheduled to hold a bank meeting on Wednesday to launch its proposed $74 million credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $20 million revolver and a $54 million term loan, with both tranches talked at Libor plus 300 basis points, the source said.

Covenants will include interest coverage and leverage.

Proceeds will be used to refinance existing debt.

Chromalox is a Pittsburgh-based maker of switches and electrical components for heaters, grills, hot plates, defrosters, water heaters and other products.

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