Howden readies launch of $925 million term loan B for Thursday

By Sara Rosenberg

New York, Sept. 4 – Howden is set to hold a bank meeting at 10:30 a.m. ET on Thursday to launch a $925 million seven-year term loan B, according to a market source.

J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., RBC Capital Markets and HSBC Securities (USA) Inc. provided the debt commitment.

Commitments are due at noon ET on Sept. 19, the source said.

Proceeds will be used to help fund the buyout of the company by KPS Capital Partners LP from Colfax Corp.

Other funds for the transaction will come from equity.

Under the agreement, Howden is being bought for $1.8 billion, including $1.66 billion in cash consideration and $140 million in assumed liabilities and minority interest.

Closing is expected in the second half of this year, subject to customary conditions and approvals.

Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services to the industrial, power, oil & gas and mining industries.

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