Affinia launches $525 million credit facility

By Sara Rosenberg

New York, Nov. 1 - Affinia Group held a bank meeting Monday for its proposed $525 million credit facility, according to a market source.

JPMorgan and Goldman Sachs are the joint lead arrangers on the deal, with JPMorgan acting as left lead. Credit Suisse First Boston and UBS have agent roles as well.

The facility consists of a $125 million six-year revolving credit facility with an interest rate of Libor plus 300 basis points and a $400 million seven-year term loan B with an interest rate of Libor plus 300 basis points, the source said.

Commitments are due on Nov. 15.

Proceeds will be used to help fund The Cypress Group's $1.1 billion cash acquisition of Dana Corp.'s automotive aftermarket group, which is being renamed Affinia Group.

Affinia Group is a producer of automotive replacement products.

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