Hawker Beechcraft sets Tuesday launch for $1.85 billion facility

By Sara Rosenberg

New York, March 5 - Hawker Beechcraft Corp. has scheduled a bank meeting for Tuesday to launch its proposed $1.85 billion covenant-light credit facility (BB-), according to a market source.

Credit Suisse, Goldman Sachs and Lehman are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $400 million revolver, a $1.2 billion term loan and a $250 million pre-funded synthetic letter-of-credit facility, the source said.

Proceeds from the credit facility, along with $1.2 billion of bonds and $1.06 billion of sponsor equity, will be used to fund the acquisition of Raytheon Aircraft Services, Ltd., the aviation division of Raytheon Co., by Onex Corp. and GS Capital Partners.

Hawker Beechcraft is a Wichita, Kan., manufacturer of business jet, turboprop, piston-driven and military training aircraft.

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