Autoparts Holdings to launch $730 million credit facility on Thursday

By Sara Rosenberg

New York, July 5 - Autoparts Holdings Ltd. is scheduled to hold a bank meeting on Thursday to launch a proposed $730 million senior secured credit facility, according to a news release.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and Nomura are the joint lead arrangers on the deal, a source told Prospect News.

The facility consists of a $50 million revolver, a $530 million first-lien term loan and a $150 million second-lien term loan.

Proceeds will be used to help fund the acquisition by Rank Group of Honeywell's automotive Consumer Products Group (Autoparts Holdings) in a cash transaction valued at about $950 million.

Other funds for the purchase will come from roughly $307 million of equity.

Closing is expected in the third quarter, subject to regulatory approval and customary conditions. It is not subject to financing.

Autoparts Holdings is a Danbury, Conn.-based supplier to the light- and heavy-duty vehicle aftermarket for replacement parts.

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