Orbotech plans to launch $300 million term loan B on Tuesday

By Sara Rosenberg

New York, July 11 – Orbotech Ltd. is set to hold a bank meeting on Tuesday to launch a $300 million six-year term loan B, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to help fund the roughly $370 million acquisition of SPTS Technologies Group Ltd., a U.K.-based manufacturer of etch, deposition and thermal processing equipment for the microelectronics industry, from Bridgepoint and others.

Other funds for the transaction will come from cash on hand.

Closing is expected in the third quarter, subject to certain conditions.

Orbotech is a Yavne, Israel-based provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components.

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