Aero Products retail bank meeting expected late this week or early next week

By Sara Rosenberg

New York, Nov. 18 - Aero Products International Inc. is targeting the end of this week or early next week for its retail bank meeting regarding a credit facility of up to $130 million, according to a syndicate source. Wachovia is syndication agent and co-lead. CIBC is administrative agent and co-lead.

The loan consists of a six-year term loan B up to $115 million with an interest rate of Libor plus 450 basis points and a $15 million five-year revolver with an interest rate of Libor plus 450 basis points, according to a syndicate source.

Closing on the loan is expected to take place during the end of December.

An agent meeting was already held last week in Chicago, a syndicate source said. The deadline for commitments is this week.

Proceeds are being used to help fund the acquisition of Aero Products by Investcorp from Trivest Partners LP.

Aero Products is a Wauconda, Ill. marketer of air filled bedding products.

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