Lincoln to launch $465 million credit facility on Wednesday

By Sara Rosenberg

New York, June 12 - Lincoln Industrial Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $465 million credit facility, according to a market source.

JPMorgan is the lead bank on the deal.

The facility consists of a $25 million revolver (B1/BB-), a $300 million first-lien term loan B (B1/BB-) and a $140 million second-lien term loan (Caa1/B), the source said.

Proceeds will be used to refinance existing debt, to fund a dividend to shareholders and to finance future acquisitions.

Lincoln is a St. Louis-based manufacturer of automatic lubrication systems and manual lubrication equipment.

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