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Weir Flow Control to launch $290 million credit facilities on Tuesday
By Sara Rosenberg
New York, April 15 – Weir Flow Control is scheduled to hold a bank meeting on Tuesday to launch $290 million of credit facilities, according to a market source.
BNP Paribas Securities Corp. and Natixis are the leads on the deal.
The facilities consist of a $40 million revolver, a $180 million term loan B and a $70 million cash collateralized term loan C, the source said.
Proceeds will be used to help fund the buyout of the company by First Reserve from the Weir Group plc for an enterprise value of £275 million, payable in cash and subject to customary working capital and debt-like adjustments at closing.
Closing is expected this quarter, depending on antitrust approvals and other customary conditions.
Weir Flow Control is a designer, manufacturer and aftermarket services provider of engineered valves and pumps used in energy and broader industrial applications.
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