Illumination and Detection to launch $193 million facility this month

By Sara Rosenberg

New York, Sept. 1 - Illumination and Detection Solutions is expected to hold a bank meeting in early September to launch a proposed $193 million credit facility, according to a market source.

UBS is the lead bank on the deal.

The facility consists of a $15 million five-year revolver and a $178 million six-year term loan, the source said.

Proceeds from the credit facility, along with $90 million of mezzanine financing, will be used to help fund the buyout of the company by Veritas Capital from PerkinElmer Inc. for about $500 million in cash.

The business is expected to generate revenue of approximately $300 million in 2010.

Closing is expected by the end of the year, subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Illumination and Detection Solutions is a provider of custom-designed specialty lighting and sensor components, subsystems and integrated products to major OEMs serving health, environmental and security segments.

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