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MB Aerospace launches $105 million credit facility to investors
By Sara Rosenberg
New York, April 16 - MB Aerospace held a lender presentation on Tuesday morning to launch a $105 million credit facility, according to a market source.
Societe Generale and BNP Paribas Securities Corp. are the leads on the deal.
The facility consists of a $15 million five-year revolver, a $70 million six-year term loan and a $20 million pound sterling equivalent six-year term loan, the source said.
Price talk on the revolver is Libor plus 475 basis points with a 1.25% Libor floor; price talk on the U.S. term loan is Libor plus 475 bps with a 1.25% Libor floor and an original issue discount of 99; and price talk on the pound sterling term loan is Libor plus 500 bps with a 1.25% floor and a discount of 99, the source continued.
Covenants include maximum leverage and maximum fixed charge coverage ratios.
Commitments are due on April 30.
Proceeds will be used to back the company's acquisition of Delta Industries.
Senior and total leverage will be 3.9 times and equity is over 45% of pro forma capitalization, the source added.
MB Aerospace is a Motherwell, England-based provider of highly engineered components for the commercial and military aero-engine and industrial gas turbine markets.
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