Sensus USA to launch $695 million credit facility on Wednesday

By Sara Rosenberg

New York, March 14 – Sensus USA Inc. is set to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $695 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the lead banks on the deal.

The facility consists of a $75 million five-year revolver and a $620 million seven-year first-lien term loan, the source said.

The term loan is talked with a 1% Libor floor and 101 soft call protection for one year.

Spread and original issue discount talk are not yet available.

Covenants include maximum total net leverage and minimum interest coverage ratios, the source continued.

Proceeds will be used to refinance existing debt.

Commitments are due at 5 p.m. ET on March 30, the source added.

Sensus is a Raleigh, N.C.-based provider of advanced utility infrastructure systems and metering technologies.

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