SubCom readies launch of $550 million credit facilities for Monday

By Sara Rosenberg

New York, Oct. 12 – SubCom is scheduled to hold a bank meeting at noon ET in New York on Monday to launch $550 million of credit facilities, according to a market source.

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC and Jefferies LLC are the leads on the deal.

The facilities consist of a $100 million revolver and a $450 million first-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Cerberus Capital Management LP from TE Connectivity Ltd.

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

SubCom is an Eatontown, N.J.-based supplier of subsea communications systems.

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