Garrett Aviation LBO loan expected to launch early August

By Sara Rosenberg

New York, July 21 - Garrett Aviation Services is expected to come to market with a new credit facility in early August, maybe even as early as the first week of the month, according to a market source.

Lehman Brothers and Citigroup are joint lead arrangers and joint bookrunners on the deal, with Lehman acting as left lead and administrative agent.

Proceeds will be used to help fund The Carlyle Group's acquisition of Garrett from General Electric Co.

Carlyle plans to combine Tempe, Ariz.-based Garrett with existing portfolio company Piedmont Hawthorne to create a general aviation aftermarket service provider offering a more comprehensive range of services to better serve the needs of its broad customer base, according to a Carlyle news release.

The transaction is expected to close in the third quarter.

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