Aerospace and defence products manufacturer Alliant Techsystems (ATK) is hosting a prospective lenders’ meeting on 8 October to discuss raising a new US$1.851bn senior secured bank financing.
The planned facility would comprise a US$1.01bn term loan A,…
Aerospace and defence products manufacturer Alliant Techsystems (ATK) is hosting a prospective lenders’ meeting on 8 October to discuss raising a new US$1.851bn senior secured bank financing.
The planned facility would comprise a US$1.01bn term loan A, US$250m term loan B and a US$600m revolving credit facility. The term loan A and the revolver are likely to mature in five years and the term loan B in seven years.
Proceeds would predominantly be used to fund ATK’s recent US$985m acquisition of gun accessories company Bushnell Group as well as to refinance its existing senior term loan and revolving credit facilities.
ATK has two senior term loans due in 2015 and 2017 respectively. As of 30 June, the term loan A due 2015 had US$330m outstanding, while the term loan A due 2017 had US$192.5m outstanding. The company also has a US$200m revolver due 2015.
BoA Merrill Lynch is mandated lead arranger on the financing with the banking group including Bank of Tokyo-Mitsubishi, RBC Capital Markets, Sun Trust Robinson Humphrey, US Bank and Wells Fargo.
