Communications & Power Industries plans to pay down all bank debt

By Angela McDaniels

Tacoma, Wash., Jan. 13 - Communications & Power Industries, Inc. plans to repay all of its outstanding bank debt in connection with the proposed merger of its parent company, CPI International, Inc., with an affiliate of Veritas Capital Fund IV, LP.

CPI is seeking enough financing to repay the bank debt, complete the merger and buy back its $12 million of floating-rate senior notes due 2015 and Communications & Power's $117 million of 8% senior subordinated notes due 2012, according to a company news release.

CPI launched a launched a $180 million senior secured credit facility on Thursday.

Communications & Power is a provider of microwave, radio frequency, power and control solutions. CPI International is based in Palo Alto, Calif.

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