Altra to draw on revolver for TB Wood's purchase

By Sara Rosenberg

New York, Feb. 20 - Altra Holdings Inc. plans to use borrowings under its revolving credit facility, as well as proceeds from its recently completed initial public offering and a follow-on offering of its existing 9% senior secured notes, to fund the acquisition of TB Wood's Corp., according to a company news release.

The company is buying TB Wood's through a cash tender offer of $24.80 per share.

The tender offer, which is expected to close in April, is subject to at least 66 2/3% of the shares of TB Wood's being tendered and not withdrawn, as well as satisfaction or waiver of other customary tender conditions.

Altra is a Quincy, Mass., designer, producer and marketer of various mechanical power transmission products. TB Wood's is a Chambersburg, Pa., designer, manufacturer and marketer of electronic and mechanical industrial power transmission products.

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