Integrated Mission Solutions plans new debt for Michael Baker purchase

By Sara Rosenberg

New York, July 29 - Integrated Mission Solutions LLC has received a commitment for new debt financing to help fund its buyout of Michael Baker Corp., according to a news release.

Jefferies Finance LLC is leading the deal.

Under the agreement, Michael Baker is being bought for $40.50 in cash per share in a transaction valued at $396.9 million.

Other funds for the acquisition will come from cash on hand.

Closing is expected late in the third quarter or early in the fourth quarter, subject to customary conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Integrated Mission Solutions, an affiliate of DC Capital Partners LLC, is a government contractor that provides engineering, construction, technical services, strategic consulting and other mission-critical services and solutions. Michael Baker is a Moon Township, Pa.-based provider of engineering, design, planning and construction services.

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