Oreck $210 million credit facility to launch Thursday

By Sara Rosenberg

New York, Jan. 7 - Oreck Corp. is scheduled to hold a bank meeting on Thursday to launch its proposed $210 million credit facility, according to a market source.

Royal Bank of Scotland is the lead bank on the deal.

The facility consists of a $20 million six-year revolver and a $190 million seven-year term loan B, both talked in the Libor plus 300 basis points context, the source said. The revolver has an unutilized fee of 50 basis points.

Proceeds will be used to refinance the existing credit facility and pay a dividend to sponsor American Securities Capital Partners.

Pro forma for the refinancing, senior leverage will be 3.5x.

Oreck is a New Orleans vacuum company.

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