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UTEX Industries to launch $725 million credit facility on Thursday
By Sara Rosenberg
New York, April 29 - UTEX Industries Inc. will hold a bank meeting on Thursday to launch a $725 million senior secured credit facility, according to sources.
Bank of America Merrill Lynch, BNP Paribas Securities Corp., Societe Generale and UBS Securities LLC are the lead banks on the deal.
The facility consists of a $50 million five-year revolver (B2), a $475 million seven-year covenant-light first-lien term loan (B2) and a $200 million eight-year covenant-light second-lien term loan (Caa2), sources said.
Proceeds will be used to refinance existing debt and fund a dividend.
UTEX is a Houston-based manufacturer of engineered sealing and other specialty products used in oil and gas drilling and production, power, mining, water treatment and other industrial sectors.
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