JPS Industries plans $105 million credit facility

By Sara Rosenberg

New York, June 21 - JPS Industries Inc. plans on getting a new $105 million first- and second-lien credit facility, according to a company news release.

Wachovia is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of the assets comprising the Anderson, S.C., and Statesville, N.C., operations of Hexcel Corp. for $62.5 million in cash, plus a contingent earn-out payment of up to $12.5 million.

The acquisition is expected to be completed in the third quarter, subject to customary closing conditions and financing.

JPS is a Greenville, S.C., manufacturer of extruded urethanes, polypropylenes and mechanically formed glass substrates for specialty industrial applications.

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