Chart Industries $240 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Sept. 19 - Chart Industries Inc. is scheduled to hold a bank meeting on Wednesday in the New York Palace at 9:30 a.m. ET with a 10 a.m. start to launch its proposed $240 million credit facility (B+) into syndication, according to a market source.

Citigroup and Morgan Stanley are the lead banks on the deal, with Citi the left lead.

The facility consists of a $60 million revolver and a $180 million term loan, with pricing on both tranches still to be determined, a second source said.

Proceeds will be used to help fund First Reserve Corp.'s leveraged buyout of Chart for a cash purchase price of $65.74 per share and a total transaction value of about $460 million, including the repayment of Chart's debt.

The transaction is expected to close by the end of October, assuming satisfaction of customary closing conditions.

Chart is a Garfield Heights, Ohio, supplier of products and systems for low temperature and cryogenic applications.

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