Astrodyne Holding gets $110 million of credit facilities for buyout

By Sara Rosenberg

New York, Nov. 30 – Astrodyne Holding Corp. closed on $110 million of first-lien credit facilities, according to a market source.

Citizens Bank and Bank of Ireland led the deal. Churchill Asset Management and ING Capital were the co-syndication agents.

The debt consists of a $15 million revolving letter of credit facility and a $95 million term loan.

Pricing on the term loan is Libor plus 475 basis points with a 1% Libor floor and it was sold at an original issue discount of 99, the source said.

Proceeds were used to help fund the buyout of the company by Tinicum.

Astrodyne is a Nashua, N.H.-based designer and manufacturer of highly engineered power solutions.

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