Kaman plans new debt financing for Parker wheel & brake purchase

By Sara Rosenberg

New York, May 23 – Kaman Corp. has received a commitment for debt financing to help fund its acquisition of Parker-Hannifin Corp.’s aircraft wheel & brake division, according to an 8-K filed with the Securities and Exchange Commission on Monday.

The cost of debt is expected to be in the 5½% to 6% interest range, company officials said in a call.

Other funds for the $440 million acquisition will come from cash on hand.

Closing is expected in the second half of this year, subject to regulatory approval and other customary conditions.

J.P. Morgan Securities LLC served as Kaman’s financial adviser.

Kaman is a Bloomfield, Conn.-based provider of products and systems related to bearings, mechanical and electrical power transmission, automation & control, material handling, and fluid power for the MRO and OEM markets.

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