BofA, CS Kick Off $240M TL for HHI
February 24, 2010
Bank of America Merrill Lynch and Credit Suisse are preparing to launch a $240 million term loan for HHI Holdings, a Novi, Mich.-based auto parts supplier, Thursday.
Price talk has not been announced. The banks have also arranged a $140 million revolver.
HHI plans to use the proceeds to pay a dividend payment to its private equity owners KPS Capital Partners and MC Capital, a private equity fund owned by Mitsubishi.
The company's total leverage ratio is approximately 3.8x, and the credit facility will require it to stay below a 4x leverage threshold.
Standard & Poor’s has assigned a B+ rating to the new debt.
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