Ohmstede sets first- and second-lien term loan tranche sizes ahead of launch

By Sara Rosenberg

New York, July 18 - Ohmstede Ltd. has firmed up first- and second-lien term loan tranche sizes under its proposed credit facility as the deal is getting ready for its official kickoff into syndication with a Wednesday morning bank meeting, according to a market source.

The previously reported $165 million of total term loan debt will be split into a $100 million first-lien term loan (B2) and a $65 million second-lien term loan (Caa1), the source said.

And, as was already disclosed, Ohmstede's $195 million credit facility also contains a $30 million revolver (B2).

Morgan Stanley and Credit Suisse are the lead banks on the deal, with Morgan Stanley the left lead.

Proceeds from the credit facility will be used to help fund First Reserve Corp.'s leveraged buyout of Ohmstede from Tanglewood Investments Inc.

Ohmstede is a Beaumont, Texas, company that manufactures and maintains heat exchangers.

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