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Cobham gets $1.3 billion bridge loan commitment from BofA, RBS
By Jennifer Chiou
New York, May 20 - Cobham plc entered into an agreement for a $1.3 billion senior unsecured bridge loan facility with Bank of America Merrill Lynch International Ltd. and the Royal Bank of Scotland plc, according to a filing with the London Stock Exchange.
The company intends to use the loan commitment to finance its acquisition of Aeroflex Holding Corp. for $10.50 per Aeroflex share. The proposed transaction has an enterprise value of roughly $1.46 billion.
Cobham also said it plans to use proceeds from the placement of 60 million ordinary shares at 300p apiece for the transaction. The agents were Merrill Lynch International and UBS Ltd.
The facility has an original maturity date of May 20, 2015. It has two six-month extension options, the filing noted.
Cobham is a manufacturing company based in Wimborne Minster, Dorset, England. Based in Plainview, N.Y., Aeroflex is a provider of radio frequency and microwave-integrated circuits, components and systems.
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