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Champion amends and restates, adding £45 million term loan and accordion feature
By Sara Rosenberg
New York, April 11 - Champion Enterprises Inc. closed on its amended and restated credit facility that provides for a new £45 million term loan and adds a $100 million accordion feature, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
The new sterling term loan due Oct. 31, 2012 is priced at Libor plus 250 basis points.
Proceeds from the term loan were used to help fund the acquisition of Calsafe Group Ltd. and its operating subsidiary Caledonian Building Systems.
The amendment and restatement was completed on April 7.
Credit Suisse acted as the lead bank on the deal.
Champion is an Auburn Hills, Mich., factory-built construction company. Caledonian Building Systems is a United Kingdom-based offsite construction company specializing in the commercial and residential applications of steel modular building systems.
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