Actuant Electrical to launch $150 million credit facility on Tuesday

By Sara Rosenberg

New York, Nov. 6 - Actuant Electrical is scheduled to hold a bank meeting at 2 p.m. ET on Tuesday to launch a $150 million credit facility, according to a market source.

RBC Capital Markets and NXT Capital are the lead banks on the deal.

The facility consists of a $20 million five-year revolver and a $130 million six-year term loan B, the source said.

Proceeds will be used to help fund the buyout of the company by Sentinel Capital Partners from Actuant Corp. for $258 million in cash.

Other funds for the transaction will come from $60 million of senior subordinated notes, the source added.

Actuant Electrical is a Menomonee Falls, Wis.-based provider of products for the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets.

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