Cardone Industries delays launch of $300 million credit facility

By Sara Rosenberg

New York, Jan. 5 - Cardone Industries pushed off the bank meeting for its proposed $300 million credit facility to either next week or the following week instead of Thursday, according to a market source.

RBC Capital Markets LLC, BMO Capital Markets Corp. and Mizuho Securities USA Inc. are the lead banks on the deal.

The facility consists of a $50 million revolver and a $250 million term loan, with price talk not yet available.

Proceeds will be used to help fund the buyout of the company's North American operations by TPG Capital LP.

Cardone is a Philadelphia-based automotive remanufacturing company.

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