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Details surface on Mark IV Industries' $865 million refinancing deal
By Sara Rosenberg
New York, April 26 - Details on Mark IV Industries Inc.'s proposed credit facility emerged on Monday, including size, structure and price talk on the institutional piece of the deal.
The credit facility is sized at $865 million, consisting of a $150 million six-year revolver with a sublimit available for euro drawings, a $100 million six-year U.S. dollar equivalent euro term loan A and a $615 million seven-year term loan B with price talk of Libor plus 300 basis points, according to a market source.
A bank meeting will take place in Europe on Tuesday for the deal and a U.S. bank meeting will take place during the early part of next week, the source said.
JPMorgan and Bear Stearns are the lead banks on the deal, with JPMorgan listed on the left acting as administrative agent and Bear Stearns also acting as syndication agent.
Proceeds from the new credit facility will be used to refinance bank debt and an asset sale bridge, the source added.
Mark IV is an Amherst, N.Y., supplier to the industrial/distribution and automotive original equipment manufacturer markets.
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