Kaman Distribution to launch $510 million credit facilities Wednesday

By Sara Rosenberg

New York, July 22 – Kaman Distribution Group (Ruby Holdings II LLC) will hold a bank meeting on Wednesday to launch $510 million of credit facilities, according to a market source.

Jefferies LLC, Antares Capital and BMO Capital Markets are the lead arrangers on the deal.

The facilities consist of a $75 million five-year ABL revolver, a $320 million seven-year first-lien term loan and a $115 million eight-year second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the buyout of the company by Littlejohn & Co. from Kaman Corp. for total cash consideration of $700 million, subject to customary closing conditions and working capital adjustments.

Closing is expected in the third quarter.

Kaman Distribution is a distributor of bearings and power transmission, automation and fluid power products.

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