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Metals USA gets bridge loan, credit facility commitments from CSFB and CIBC
By Sara Rosenberg
New York, May 19 - Metals USA Inc. has entered into commitment letters for senior secured increasing rate bridge loans and a new credit facility that provides a senior secured asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.
Credit Suisse First Boston and CIBC are the lead banks on the debt financing, with CSFB the left lead.
No further details on the financing are available at this time, a market source said.
Proceeds from the bridge loans and credit facility will be used to help finance Apollo Management LP's acquisition of the company.
Under the terms of the agreement, Metals USA's shareholders will receive $22.00 in cash for each share of common stock they hold.
Apollo has also agreed to an equity contribution to help fund the buyout as well.
Completion of the transaction, which is expected to take place in the third quarter, is subject to regulatory review, approval by Metals USA shareholders and other customary conditions.
Metals USA is a Houston-based metals processor and distributor.
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