Henniges Automotive to launch $335 million credit facility on Tuesday

By Sara Rosenberg

New York, May 16 - Henniges Automotive Holdings Inc. is scheduled to hold a bank meeting at 10:30 a.m. ET on Tuesday to launch a $335 million credit facility, according to a market source.

Barclays, Bank of America Merrill Lynch and UBS AG are the bookrunners on the deal.

The facility consists of a $50 million five-year ABL revolver and a $285 million seven-year term loan B, the source said.

Proceeds will be used to refinance existing debt and fund a one-time distribution to equity holders.

Net leverage is 3.8 times, and total leverage is 3.9 times, the source added.

Henniges is an Auburn Hills, Mich.-based supplier of highly engineered automotive sealing and anti-vibration systems for automotive applications.

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