Nortek obtains commitment for $250 million asset-based revolver

By Sara Rosenberg

New York, Oct. 9 - Nortek Inc. received a commitment for a $250 million asset-based revolving credit facility, according to a news release.

Bank of America, GE Capital, Wells Fargo Foothill and PNC Bank are the lead banks on the deal.

The commitment includes a provision for the banks to use commercially reasonable efforts to form a syndicate of lenders to increase the facility to $300 million.

Proceeds will be used to replace an existing facility, and for working capital and other general corporate purposes.

The facility will be available upon consummation of the company's prepackaged plan of reorganization.

Nortek is a Providence, R.I.-based manufacturer of residential and commercial ventilation, HVAC and home technology convenience and security products.

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