Distributed Power to launch $1.49 billion of term loans next week

By Sara Rosenberg

New York, Sept. 20 – Distributed Power is scheduled to hold a bank meeting in London on Monday and a bank meeting at 10 a.m. ET in New York on Tuesday to launch $1,485,000,000 equivalent of term loans, according to a market source.

Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Jefferies LLC are the physical bookrunners and mandated lead arrangers on the deal. Other mandated lead arrangers are Credit Agricole, Deutsche Bank Securities Inc., Erste Bank and Unicredit.

The debt is split between a $400 million seven-year first-lien term loan B and a $1,085,000,000 equivalent euro seven-year first-lien term loan B, the source said.

Commitments are due at noon ET on Oct. 5, the source added.

Proceeds will be used to fund the buyout of General Electric’s Distributed Power business for $3.25 billion by Advent International.

Closing is expected in the fourth quarter, subject to customary conditions and regulatory approvals.

Distributed Power is a provider of reciprocating gas engines, power equipment and services focused on power generation and gas compression at or near the point of use.

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