CECO Environmental expects to get $155 million credit facility

By Sara Rosenberg

New York, July 25 - CECO Environmental Corp. is planning on getting a $155 million senior secured credit facility, according to a 424B3 filed Thursday with the Securities and Exchange Commission.

BofA Merrill Lynch is the sole lead arranger and bookrunner on the deal.

The facility commitment consists of a $60 million revolver and a $65 million term loan; however, the company anticipates that the revolver will end up being sized at $90 million for an aggregate credit facility size of $155 million.

Proceeds will be used to help fund the acquisition of Met-Pro Corp. for $13.75 per share, or about $210 million, to repay existing debt and for working capital.

Closing is subject to standard conditions including the approval of the stockholders of both CECO and Met-Pro.

CECO is a Cincinnati-based provider of air pollution control technology. Met-Pro is a Harleysville, Pa.-based provider of product recovery, pollution control, fluid handling and filtration solutions.

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