Cardone Industries sets Jan. 5 launch for $300 million credit facility

By Sara Rosenberg

New York, Dec. 19 - Cardone Industries has scheduled a bank meeting for Jan. 5 to launch its proposed $300 million credit facility, according to a market source.

RBC Capital Markets LLC, BMO Capital Markets Corp. and Mizuho Securities USA Inc. are the lead banks on the deal.

The facility consists of a $50 million revolver and a $250 million term loan.

Proceeds will be used to help fund the buyout of the company's North American operations by TPG Capital LP.

Cardone is a Philadelphia-based automotive remanufacturing company.

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