Mid-Western Aircraft to launch $875 million credit facility Tuesday

By Sara Rosenberg

New York, June 9 - Mid-Western Aircraft Systems is scheduled to hold a bank meeting Tuesday to launch its proposed $875 million credit facility, according to a market source.

Citigroup is the sole lead bank on the deal.

The facility consists of a $175 million revolver talked at Libor plus 275 basis points and a $700 million 61/2-year term loan talked at Libor plus 275 bps, the source said.

Proceeds will be used to help fund Onex Corp.'s acquisition of the Wichita/Tulsa Division of Boeing Commercial Airplanes (now named Mid-Western Aircraft Systems).

The acquisition, first announced in February, is valued at $1.5 billion, consisting of $1.1 billion in cash and the assumption of certain liabilities.

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