Gates readies launch of bridge loan for Tuesday morning

By Sara Rosenberg

New York, April 25 - Gates Corp. will hold a conference call for lenders at 10 a.m. ET on Tuesday to launch a bridge loan, according to a market source.

Citigroup Global Markets Inc. is the left lead bank on the deal.

Proceeds will be used to help fund the buyout of Gates' parent company, Pinafore Holdings BV, by Blackstone from Onex Corp. and Canada Pension Plan Investment Board for roughly $5.4 billion.

When the buyout was announced, the company said that its debt financing commitment came from Citibank, Credit Suisse, Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.

Closing is expected later this year, subject to customary conditions and regulatory approvals.

Gates is a Denver-based diversified industrial company that provides advanced power transmission and fluid transfer solutions.

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