Key Safety Systems to launch $500 million credit facility Thursday

By Sara Rosenberg

New York, Feb. 14 - Key Safety Systems, Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $500 million credit facility, according to a market source.

Citigroup and Bear Stearns are the lead banks on the deal, with Citigroup the left lead.

The facility consists of a $50 million revolver talked at Libor plus 275 basis points, a $350 million first-lien term loan B talked at Libor plus 275 bps and a $100 million second-lien term loan C talked at Libor plus 550 bps, the source said.

The second-lien term loan carries call protection of 102 in year one and 101 in year two, the source added.

Proceeds will be used to fund Crestview Partners' acquisition of the company.

Key Safety Systems is a Sterling Heights, Mich., supplier of automotive safety components and systems.

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