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Firth Rixson plans to launch $800 million credit facility on Friday
By Sara Rosenberg
New York, Nov. 8 - Firth Rixson Ltd. is set to hold a bank meeting on Friday to launch an $800 million credit facility, according to a market source.
Deutsche Bank Securities Inc., Barclays, HSBC, Lloyds Securities LLC and GE Capital Markets are leading the deal.
The facility consists of a $120 million revolver due March 2017 and a $680 million first-lien term loan due June 2017 that could include an up to £150 million tranche.
Covenants include net leverage and interest coverage ratios.
Proceeds will be used to refinance existing debt.
Firth Rixson is a U.K.-based provider of seamless rolled rings, closed die forgings, open die forgings, extruded forgings and specialty metals primarily to the aerospace market.
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