Standard Aero $310 million credit facility to launch next week

By Sara Rosenberg

New York, July 26 - Standard Aero is expected to hold a bank meeting next week for its proposed $310 million credit facility, according to a market source.

JPMorgan and Lehman Brothers are joint lead arrangers on the deal, with JPMorgan listed on the left. Credit Suisse First Boston is documentation agent.

The facility consists of a $50 million revolving credit facility and a $260 million term loan B, the source said, adding that price talk is not yet available.

Proceeds, combined with proceeds from a bond offering, will be used to help fund The Carlyle Group's acquisition of the Standard Aero division from Dunlop Standard Aerospace Group for about $670 million. The acquisition is expected to close in August.

Standard Aero provides turbine engine maintenance, repair and overhaul for aircraft engines and industrial gas turbines.

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