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Key Safety Systems to launch $600 million credit facility on July 8
By Sara Rosenberg
New York, June 30 – Key Safety Systems Inc. is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on July 8 to launch a $600 million credit facility, according to a market source.
UBS AG, Citigroup Global Markets Inc. and Nomura are the joint bookrunners on the deal.
The facility consists of an $80 million revolver, a $420 million seven-year first-lien term loan and a $100 million eight-year second-lien term loan, the source said.
Both term loans are talked with a 1% Libor floor.
Proceeds will be used to fund the buyout of Key Safety Systems by FountainVest Partners from Crestview Partners.
Key Safety Systems is a Sterling Heights, Mich.-based supplier of automotive safety restraint systems and components.
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