WireCo plans new financing led by Goldman Sachs with Onex investment

By Sara Rosenberg

New York, June 27 – WireCo WorldGroup Inc. received a commitment for financing in connection with Onex Corp.’s purchase of a majority interest in the company, according to a news release.

Goldman Sachs & Co. is leading the financing.

Through the transaction, WireCo will refinance its capital structure and extend its debt maturities, the release said.

Upon closing, the company expects to reduce its debt to about $600 million from around $840 million as of March 31, and annual interest expense is expected to be reduced by more than $20 million.

Closing is expected later this year, subject to regulatory approval and customary conditions.

Funds managed by Paine & Partners LLC, which acquired WireCo in 2007, will maintain a significant minority stake.

WireCo is a Prairie Village, Kan.-based manufacturer of wire rope, synthetic rope, electromechanical cable and highly engineered cable structures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.