Crowne Group to launch $455 million credit facility on Tuesday

By Sara Rosenberg

New York, Sept. 5 – Crowne Group LLC is set to hold a bank meeting at 2 p.m. ET on Tuesday to launch a $455 million credit facility, according to a market source.

Jefferies Finance LLC is the lead arranger on the deal.

The facility consists of a $75 million asset-based revolver, a $290 million six-year first-lien covenant-light term loan and a $90 million seven-year second-lien covenant-light term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Proceeds will be used to fund the acquisition of Trico Products Corp. from Kohlberg & Co. LLC and to refinance existing debt.

Closing is subject to customary regulatory approvals.

First-lien leverage is about 2.6 times and total leverage is around 3.4 times, based on pro forma combined annual EBITDA of $113 million, the source added.

Crowne is a Cleveland-based manufacturer and distributor of aftermarket and OEM component parts for the automotive and other industrial equipment markets. Trico is a Rochester Hills, Mich.-based manufacturer, marketer and distributor of windshield wiper blades, systems and components.

© 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.