Keel Holdings completes $377.5 million credit facilities

By Sara Rosenberg

New York, Jan. 31 – Keel Holdings LLC closed on $377.5 million of credit facilities, split between a $45 million five-year revolver, a $257.5 million seven-year term loan and a $75 million delayed-draw term loan, according to a market source.

Pricing on the term loans is SOFR plus 525 basis points with a 0.75% floor and an original issue discount of 98.5, the source said.

The term loan debt has 101 soft call protection for one year.

The delayed-draw term loan has 24-month availability.

Citizens, M&T and Webster acted as the leads on the deal.

Allocations went out during the week of Jan. 22.

Proceeds were used to support the formation of Keel Holdings by Arlington Capital Partners through the merger of existing Arlington portfolio company Pegasus Steel, a provider of complex fabricated steel structures, with the newly completed acquisitions of Metal Trades LLC, a provider of large-scale metal fabrication and ship repair services, and Merrill Technologies Group, a manufacturer of large metal parts and structures.

Keel is a manufacturer of complex structures for the highest priority programs within the Navy, Army, and Air Force.

© 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.