McKechnie Aerospace to launch $540 million credit facility Wednesday

By Sara Rosenberg

New York, April 16 - McKechnie Aerospace is scheduled to hold a bank meeting on Wednesday morning to launch its proposed $540 million credit facility, according to a market source.

Bear Stearns and Morgan Stanley are the joint lead arrangers on the deal, with Bear Stearns the bookrunner. General Electric Capital Corp. is the documentation agent.

The facility consists of a $40 million revolver, a $300 million first-lien term loan B and a $200 million second-lien term loan, the source said.

The first-lien term loan B may have euro and sterling sub tranches, the source added.

Proceeds will be used to help fund JLL Partners' acquisition of the company from Melrose plc for $855.6 million, including $5.6 million of assumed debt.

McKechnie is an England-based producer of door latches, rods and struts for aircraft interiors and a distributor of aircraft batteries.

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