Wesco Aircraft gets commitment for $1.18 billion credit facilities, $1.38 billion bridge loans

By Sara Rosenberg

New York, Aug. 29 – Wesco Aircraft Holdings Inc. has received a commitment for $1,175,000,000 of senior secured credit facilities and $1,375,000,000 of bridge loans to help fund its buyout by Platinum Equity, according to a PREM14A filed with the Securities and Exchange Commission on Thursday.

BofA Securities Inc. provided the debt commitment.

The credit facilities consist of a $375 million asset-based revolver and an $800 million term loan.

The bridge loans are split between an $800 million senior secured bridge loan and a $575 million senior unsecured bridge loan.

Other funds for the transaction will come from $250 million of equity.

Under the agreement, Wesco shareholders will receive $11.05 per share in cash. The transaction is valued at about $1.9 billion.

Upon completion, Wesco will be combined with Platinum Equity portfolio company Pattonair, a U.K.-based provider of supply chain management services for the aerospace and defense industries.

Closing is expected by year-end, subject to Wesco shareholder approval, regulatory clearances and other customary conditions.

Wesco is a Valencia, Calif.-based distributor and provider of supply chain management services to the aerospace industry.

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