Engineering Solutions & Products readies $140 million credit facility

By Sara Rosenberg

New York, March 16 - Engineering Solutions & Products Inc. is expected to come to market this month with a new $140 million credit facility, according to a source.

Bank of America Merrill Lynch is the lead bank on the deal.

The facility consists of a $20 million revolver and a $120 million term loan, the source said.

Early talk on the revolver is Libor plus 450 basis points and on the term loan, it is Libor plus 500 bps, the source added.

Proceeds will be used to help fund the buyout of the company by Berkshire Partners.

Engineering Solutions & Products is an Eatontown, N.J.-based provider of engineering, technical and consulting services in response to Department of Defense requirements.

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