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Generac Power Systems $1.53 billion credit facility to launch Tuesday
By Sara Rosenberg
New York, Oct. 12 - Generac Power Systems, Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $1.53 billion credit facility, according to a market source.
Goldman Sachs and JPMorgan are the lead banks on the deal, with Goldman the left lead.
The facility consists of a $150 million revolver, a $950 million first-lien term loan and a $430 million second-lien term loan, the source said, adding that price talk is not yet available.
Proceeds will be used to help fund the acquisition of Generac by CCMP Capital Advisors from the company's founder, Robert Kern, and other shareholders.
Generac is a Waukesha, Wis., manufacturer of standby power products.
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