Protective Industrial to launch $510 million loan facilities Thursday

By Sara Rosenberg

New York, Jan. 6 – Protective Industrial Products Inc. is scheduled to hold a lender call at 1:30 p.m. ET on Thursday to launch $510 million of first-lien senior secured credit facilities, according to a market source.

Antares Capital, Citizens Bank and Bank of Ireland are the joint lead arrangers on the deal.

The facilities consist of a $75 million five-year revolver and a $435 million seven-year covenant-lite first-lien term loan, the source said.

The company is also getting a $160 million second-lien term loan that is being privately placed.

Proceeds will be used to help fund the buyout of the company by Odyssey Investment Partners from Audax Private Equity.

Protective Industrial Products is a Latham, N.Y.-based provider of personal protective equipment and industrial safety products.

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