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Cooper-Standard to launch $200 million plus term loan D in 2006
By Sara Rosenberg
New York, Dec. 5 - Cooper-Standard Automotive Inc. plans to hold a bank meeting in 2006, with late January the targeted timeframe, to launch its proposed about $215 to $220 million term loan D, a company spokesman told Prospect News on Monday.
Deutsche Bank and Lehman Brothers, the company's existing lead banks, will be the lead banks on the new term loan, the spokesman said.
Proceeds from the term loan D will be used to fund the acquisition of ITT Industries Inc.'s Fluid Handling Systems business in a transaction valued at about $205 million.
The transaction is expected to close in the first quarter of 2006 and is subject to customary closing conditions, including regulatory approvals.
Under the company's existing credit agreement, it is allowed to incur up to $250 million in additional term loan debt - meaning that there is already room for the term loan D to be layered into the capital structure.
The major terms of the company's existing credit facility are expected to remain unchanged in connection with this transaction, the spokesman added.
Cooper-Standard is a Novi, Mich., automotive supplier specializing in the manufacture and marketing of systems and components for the transportation industry.
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