Dresser-Rand to hold senior managing agent meeting Thursday, retail launch likely early October

By Sara Rosenberg

New York, Sept. 20 - Dresser-Rand Co. is scheduled to hold a meeting for the senior managing agent (SMA) tier on Thursday, according to a market source, with the retail launch of the credit facility expected to take place about two weeks later.

Citigroup and Morgan Stanley are the lead banks on the deal, with UBS involved as well.

No further details on the structure of the credit facility are available at this time.

Proceeds will be used to help fund First Reserve Corp.'s acquisition of Dresser-Rand from Ingersoll-Rand Co. Ltd. for about $1.2 billion in cash. This acquisition will be the first investment made by First Reserve Fund X, a $2.3 billion private equity fund raised earlier this year.

The sale, which is subject to government regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter.

Olean, N.Y.-based Dresser-Rand is a supplier of infrastructure equipment, including compressors, turbines and engines, as well as related after-market parts and services, to the energy industry.

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