Ontic readies launch of $810 million credit facilities for Thursday

By Sara Rosenberg

New York, Oct. 8 – Ontic (Bleriot US Bidco Inc.) is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $810 million of credit facilities, according to a market source.

Nomura Securities, Barclays and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

The facilities consist of an $85 million five-year revolver, a $475 million seven-year covenant-lite first-lien term loan B, a $75 million covenant-lite delayed-draw first-lien term loan B and a $175 million eight-year covenant-lite second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by CVC Fund VII from BBA Aviation plc for an enterprise value of $1.365 billion.

Closing is expected in the fourth quarter, subject to shareholder approval and regulatory consents.

Ontic is a provider of high-quality, OEM-licensed parts and MRO services largely for legacy aerospace & defense platforms.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.