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Goodman Global plans $1.1 billion credit facility with buyout by Hellman & Friedman
By Sara Rosenberg
New York, Oct. 22 - Goodman Global Inc. got a commitment for a $1.1 billion senior secured credit facility to help fund its buyout by Hellman & Friedman LLC, according to a news release.
Barclays Capital, Calyon, GE Capital and certain vehicles managed by GSO Capital Partners LP provided the credit facility commitment.
In addition, the company plans on getting $500 million of senior subordinated financing from vehicles managed by GSO Capital Partners and Farallon Capital Management, LLC.
Under the agreement, Goodman stockholders will receive $25.60 in cash per share. The transaction is valued at $2.65 billion.
The buyout is expected to be completed in the first quarter of 2008, subject to customary closing conditions.
Stockholders holding a majority of Goodman's outstanding shares have agreed to vote in favor of the deal.
Goodman Global is a Houston-based manufacturer of residential and light commercial heating, ventilation and air-conditioning equipment.
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