LTI Boyd seeks $141 million credit facility at Libor plus 525 bps

By Sara Rosenberg

New York, July 2 - LTI Boyd is at market with a $141 million credit facility that is being talked at Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The facility consists of a $25 million five-year revolver and a $116 million six-year term loan, the source said.

GE Capital Markets and KeyBanc Capital Markets LLC are the lead banks on the deal that launched with a bank meeting last week.

Proceeds will be used to help fund the buyout of the company by Snow Phipps Group LLC.

LTI Boyd is a Modesto, Calif.-based provider of lowest-cost, engineered mechanical component and assembly solutions.

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