CPI International plans minimum $340 million credit facility

By Sara Rosenberg

New York, March 5 - CPI International Inc. expects to get an at least $340 million senior secured credit facility, according to a news release.

The facility consists of a minimum $30 million revolver and a minimum $310 million term loan.

Proceeds will be used to fund an up to $175 million dividend to parent company CPI International Holding Corp. and to refinance an existing credit facility.

The transaction is contingent on the company amending its senior notes indenture to allow for the increase in credit facility debt and the dividend.

The consent solicitation for the notes expires on Tuesday.

UBS Investment Bank is acting as the consent solicitation agent for the notes.

CPI is a Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

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