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American Industrial affiliate gets $375 million debt financing to buy Carlisle tire business
By Marisa Wong
Madison, Wis., Oct. 22 - CTP Transportation Products, LLC, an affiliate of American Industrial Partners, obtained debt financing commitments from SunTrust Bank and SunTrust Robinson Humphrey, Inc. to help fund its purchase of Carlisle Cos. Inc.'s tire business for $375 million, according to an 8-K filing with the Securities and Exchange Commission.
The debt financing consists of an up to $150 million asset-based revolving credit facility and $225 million of senior secured notes or, if the notes are not issued before the sale is completed, senior secured loans.
The debt commitment letter was completed on Oct. 20.
The sale is expected to close in the first quarter of 2014.
American Industrial is a New York-based equity firm.
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