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Agilent Semiconductor to get new credit facility via Citigroup, Lehman
By Sara Rosenberg
New York, Aug. 16 - Agilent Semiconductor Products Group plans on getting a new credit facility via lead banks Citigroup and Lehman Brothers to help fund its purchase by Kohlberg Kravis Roberts & Co. and Silver Lake Partners, according to a market source. Citigroup is left lead on the deal.
In fact, the company has received a debt commitment letter for up to $1.725 billion in debt financing, including $250 million of ongoing working capital financing, according to an 8-K that was recently filed with the Securities and Exchange Commission. It is not clear whether the amount of the financing will be all bank debt.
KKR and Silver Lake are buying the Semiconductor Products Group from Agilent Technologies Inc. for $2.66 billion. The sponsors plan on contributing $1.3 billion in equity financing to fund the transaction as well.
The acquisition is targeted to be completed by Oct. 31, subject to closing conditions, including governmental and regulatory approvals.
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