Environmental Systems Products to launch up to $295 million loan in late October

By Sara Rosenberg

New York, Oct. 23 - Environmental Systems Products (ESP) is scheduled to hold a bank meeting for a credit facility sized at up to $295 million late this month, according to a syndicate release. Credit Suisse First Boston is the lead arranger and bookrunner on the deal.

The facility consists of a $20 million five-year revolver with an interest rate of Libor plus 350 basis points and a commitment fee of 100 basis points, a $125 million to $150 million five-year first-lien term loan with an interest rate of Libor plus 350 basis points and a $125 million seven-year second-lien term loan with an interest rate of Libor plus 650 basis points.

Proceeds will be used to refinance existing debt.

ESP is an East Granby, Conn. vehicle emissions and safety testing company.

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