Kinetek $350 million credit facility to launch Monday

By Sara Rosenberg

New York, Oct. 13 - Kinetek Inc. is scheduled to hold a bank meeting on Monday to launch its proposed $350 million credit facility, according to a market source.

Credit Suisse, Goldman Sachs and Jefferies are joint bookrunners on the deal, with Credit Suisse the lead arranger.

The facility consists of a $50 million six-year revolver (B), a $215 million seven-year first-lien term loan (B) and an $85 million eight-year second-lien term loan (CCC+), the source said.

Proceeds will be used to fund The Resolute Fund LP's acquisition of Kinetek from Jordan Industries Inc.

In connection with that sale, the company expects to redeem and pay in full its outstanding notes and bonds.

Kinetek is a Deerfield, Ill., designer and manufacturer of motors, components and control systems.

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