Dura sets Wednesday launch for $425 million exit facility

By Sara Rosenberg

New York, Nov. 26 - Dura Automotive Systems, Inc. has scheduled a bank meeting for Wednesday morning to launch its proposed $425 million senior secured exit financing credit facility, according to a market source.

Goldman Sachs and Barclays Capital are the lead banks on the deal.

The facility consists of a $125 million revolver, a $225 million first-lien term loan B and a $75 million second-lien term loan, the source said.

Proceeds from the exit facility, along with a proposed rights offering, will be used to repay the company's debtor-in-possession facility and pre-bankruptcy second-lien term loan, as well as to fund plan distributions.

Dura is a Rochester Hills, Mich.-based automotive parts maker.

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