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Sensata Technologies $1.35 billion facility to launch Tuesday
By Sara Rosenberg
New York, March 29 - Sensata Technologies is scheduled to hold a bank meeting on Tuesday to launch its proposed $1.35 billion credit facility, according to a market source.
Morgan Stanley, Bank of America and Goldman Sachs are the lead banks on the deal.
The facility consists of a $1.2 billion term loan B and a $150 million revolver, the source said, adding that price talk is not yet available.
Proceeds will be used to fund the leveraged buyout by Bain Capital LLC of Texas Instruments Inc.'s Sensors & Controls business for $3 billion in cash.
In addition to the credit facility, the company plans to issue high-yield bonds for LBO financing.
When the transaction was first announced early on this year, the company had said that it received commitment letters for $2.125 billion in debt and $975 million in equity.
Sensata Technologies is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets.
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