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DeCrane Aircraft to launch $80 million second-lien loan on Thursday
By Sara Rosenberg
New York, Nov. 4 - DeCrane Aircraft Holdings Inc. is scheduled to hold a conference call on Thursday regarding an $80 million second-lien term loan, according to a market source. Credit Suisse First Boston is the lead bank on the deal.
The fixed-rate tranche is currently talked at a 12% cash coupon plus a 3% pay-in-kind coupon, the source said, and will mature June 30, 2008.
"It's being sold off their bank desk. I think they'll aim it at anyone who's willing to take that kind of risk," the source said.
Proceeds will be used to pay down some existing bank debt and extend some maturities.
As of March 31, the company had $164.1 million in outstanding borrowings under its senior credit facility, according to a filing with the Securities and Exchange Commission.
DeCrane is an El Segundo, Calif., supplier of products and services to business jet and commercial aircraft original equipment manufacturers.
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