AGY Holding launches $210 million credit facility

By Sara Rosenberg

New York, March 14 - AGY Holding Corp. held a bank meeting in New York on Tuesday to launch its proposed $210 million senior secured credit facility, according to a market source.

UBS Investment Bank is the lead bank on the deal.

The facility consists of a $30 million five-year revolver, a $135 million six-year first-lien term loan and a $45 million seven-year second-lien term loan, the source said.

Proceeds will be used to help fund Kohlberg & Co. LLC's leveraged buyout of AGY.

Under the agreement, Kohlberg affiliates will acquire all of the outstanding shares of AGY for about $268 million in cash, and will assume about $15 million of additional outstanding obligations.

The closing, which is expected to occur on or about March 31, is subject to approval by the stockholders of AGY and certain other customary conditions.

AGY is an Aiken, S.C., producer of glass fiber yarns.

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