Cooper-Standard Automotive $625 million credit facility via joint leads Deutsche and Lehman

By Sara Rosenberg

New York, Sept. 20 - Cooper-Standard Automotive plans to come to market with a new $625 million credit facility, although timing has not yet been firmed up, according to a market source. Deutsche Bank and Lehman Brothers are joint lead arrangers and joint bookrunners on the deal, with Deutsche listed on the left. Goldman Sachs and UBS are co-documentation agents.

The facility will consist of a $125 million revolver and a $500 million term loan B, the source said.

Proceeds will be used to help fund the acquisition of Cooper-Standard by an entity formed by The Cypress Group and Goldman Sachs Capital Partners from Cooper Tire & Rubber Co. for about $1.165 billion in cash.

As part of the LBO financing package, Cooper-Standard also plans to approach the high-yield market with a $400 million bond offering via joint book running managers Deutsche Bank, Lehman Brothers, Goldman Sachs and UBS, the source added.

The transaction, which is subject to financing and regulatory approvals, is expected to close in the fourth quarter.

Cooper-Standard Automotive is a Novi, Mich.-based manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers.

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