GenCorp launches $280 million credit facility

By Sara Rosenberg

New York, May 31 - GenCorp Inc. held a bank meeting on Thursday to launch its proposed $280 million credit facility (Ba2), according to a market source.

Wachovia is the lead bank on the deal.

The facility consists of an $80 million revolver, a $75 million term loan and a $125 million synthetic letter-of-credit facility, with all three tranches talked at Libor plus 225 basis points, the source said.

Proceeds will be used to refinance existing debt.

GenCorp is a Rancho Cordova, Calif., manufacturer of aerospace and defense products and systems.

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