AxleTech $265 million credit facility to launch Thursday

By Sara Rosenberg

New York, Sept. 26 - AxleTech International is scheduled to hold a bank meeting on Thursday to launch its proposed $265 million credit facility, according to a market source.

Merrill Lynch, JPMorgan and CIBC are the lead banks on the deal, with Merrill the left lead.

The facility will contain a revolver, a first-lien term loan and a second-lien term loan, with tranche sizes still to be determined, the source said.

Proceeds will be used to help fund The Carlyle Group's leveraged buyout of the company from Wynnchurch Capital and other minority shareholders.

AxleTech is a Troy, Mich., supplier of axles, brakes and other drivetrain components for off-highway and specialty vehicles to the commercial and military markets.

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