Engineering Solutions sets Wednesday launch for $140 million facility

By Sara Rosenberg

New York, March 21 - Engineering Solutions & Products Inc. has scheduled a bank meeting for Wednesday to launch its proposed $140 million credit facility, according to a market 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.

Official price talk on the transaction has not yet been announced, but last week rumors emerged that the revolver may come in the Libor plus 450 basis points area and the term loan may come in the Libor plus 500 area.

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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