Airxcel readies launch of $540 million credit facilities for Tuesday

By Sara Rosenberg

New York, April 9 – Airxcel Inc. (AirX Holdings Inc.) is set to hold a bank meeting at 10:30 a.m. ET on Tuesday to launch $540 million of credit facilities, according to a market source.

The facilities consist of a $60 million five-year ABL revolver, a $360 million seven-year senior secured first-lien term loan and a $120 million eight-year senior secured second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Jefferies LLC and Morgan Stanley are the bookrunners on the deal, with Jefferies left on the first-lien and Morgan Stanley left on the second-lien.

Proceeds will be used to help fund the buyout of the company by L Catterton from One Rock Capital Partners LLC.

Airxcel is a Wichita, Kan.-based producer and distributor of heating, ventilating, air conditioning, appliance and a variety of composite and soft good products serving specialty markets.

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