Nortek to prepay, terminate term loan facility, asset-based revolver

By Tali Rackner

Norfolk, Va., Aug. 31 – Nortek, Inc. plans to prepay all loans and other amounts outstanding under its senior secured term loan facility and asset-based revolving credit agreement in connection with its acquisition by Melrose Industries plc, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the agent for the term facility and Bank of America, NA is the agent for the ABL facility.

The company said it will terminate the commitments under the facilities, other than some outstanding letters of credit issued by Bank of America under the ABL facility.

Nortek is a Providence, R.I.-based industrial company that specializes in ventilation products, security and audio/video solutions, heating and cooling products, air management systems and ergonomic and productivity solutions. Melrose is a London-based investment company that specializes in the acquisition and improvement of underperforming businesses.

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