Kerr Group to launch $205 million credit facility on July 24

By Sara Rosenberg

New York, July 15 - Kerr Group Inc. is scheduled to hold a bank meeting for a $205 million credit facility on July 24, according to market sources. Wells Fargo is the lead bank on the deal.

The facility consists of a $175 million seven-year term loan B with price talk of Libor plus 300 basis points and a $30 million five-year revolver, sources said.

Proceeds will be used to help finance the acquisition of substantially all the operating assets of Setco Inc. and Tubed Products Inc., both wholly owned subsidiaries of McCormick & Co. Inc.

The transaction is subject to the Hart Scott Rodino clearance and other customary closing conditions. Kerr and McCormick expect the transaction to close during the third quarter of 2003.

Kerr is a Lancaster, Pa. provider of specialty plastic closures and containers to the pharmaceutical, healthcare, and food and beverage industries.

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