Intelligrated to launch $340 million credit facility on Tuesday

By Sara Rosenberg

New York, June 20 - Intelligrated is scheduled to hold a bank meeting at 9:30 a.m. ET on Tuesday to launch a proposed $340 million credit facility, according to a market source.

The facility consists of a $35 million revolver, a $215 million covenant-light first-lien term loan and a $90 million covenant-light second-lien term loan, the source said.

RBC Capital Markets LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal, with RBC left lead on the first-lien and Morgan Stanley left lead on the second-lien.

Proceeds will be used to help fund the company's buyout by Permira from Gryphon Investors in a transaction valued at more than $500 million.

Net first-lien leverage is 3.4 times and net total leverage is 4.8 times, the source added.

Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.

Intelligrated is a Mason, Ohio-based provider of automated material handling services and products.

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