Hilite to launch $190 million credit facility on Wednesday

By Sara Rosenberg

New York, June 8 - Hilite International is scheduled to hold a bank meeting on Wednesday morning to launch its proposed $190 million credit facility, according to a market source.

Bear Stearns is the lead bank on the deal.

The facility will include a revolver, a first-lien term loan and a second-lien term loan; however, tranche sizes are not yet available, the source remarked.

Proceeds will be used to refinance existing debt.

Hilite is a Cleveland-based supplier of automotive components.

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