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WireCo WorldGroup to launch $510 million credit facility on Wednesday
By Sara Rosenberg
New York, July 11 – WireCo WorldGroup Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $510 million credit facility, according to a market source.
Goldman Sachs & Co. is the left lead on the financing.
The facility consists of a $100 million ABL revolver and a $410 million term loan B, the source said.
Proceeds will be used to refinance the company’s capital structure and extend its debt maturities in connection with Onex Corp.’s purchase of a majority interest in WireCo.
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.
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