Directed Electronics $156 million credit facility launches

By Sara Rosenberg

New York, May 21 - Directed Electronics Inc. held a bank meeting on Friday for a proposed $156 million credit facility, according to a market source. Wachovia and CIBC are the lead banks on the deal.

The facility consists of a $131 million term loan B with price talk of Libor plus 400 basis points and a $25 million revolver with price talk of Libor plus 350 basis points, according to a second market source.

Proceeds will be used to fund a dividend payment to owner TriVest Partners and to repay some junior notes, the second source added.

Directed Electronics is a Vista, Calif., vehicle security, remote start and car audio manufacturer.

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