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Contech launches $525 million credit facility
By Sara Rosenberg
New York, Jan. 5 - Contech Construction Products Inc. held a bank meeting on Thursday to launch its proposed $525 million credit facility, according to a market source.
Wachovia and Goldman Sachs are the lead banks on the deal, with Wachovia the left lead.
The facility consists of a $100 million revolver and a $425 million term loan talked in the Libor plus 225 to 275 basis points range depending on ratings, the source said.
Proceeds will be used to help fund Apax Partners LP's buyout of the company in a transaction that has a total enterprise valuation of in excess of $1 billion.
The acquisition is expected to close this month.
Contech is a Middletown, Ohio, civil engineering site solutions products and services company.
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