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Agilent Semiconductor sets Wednesday launch for new credit facility
By Sara Rosenberg
New York, Oct. 31 - Agilent Semiconductor Products Group has scheduled a bank meeting for Wednesday to launch its proposed credit facility, according to a market source.
Citigroup and Lehman are the lead banks on the deal, with Citi the left lead.
Details on the semiconductor company's credit facility are not yet available, but are expected to emerge on Tuesday, the source added.
Proceeds will be used to help fund the acquisition of Agilent Semiconductor by Kohlberg Kravis Roberts & Co. and Silver Lake Partners from Agilent Technologies Inc. for $2.66 billion.
The company previously said that it received a debt commitment letter for up to $1.725 billion in debt financing for the acquisition, including $250 million of ongoing working capital financing.
The sponsors plan to contribute $1.3 billion in equity financing to fund the transaction as well.
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