Electrical Components International has tapped UBS to upsize its existing credit facility to $340 million, according to a banker. The credit will be used to back ECI's $75 million acquisition of Nomar Holdings from GenTek and refinance existing debt. A bank meeting is set for today. Terms of the deal and pricing could not be determined by press time.
The St. Louis-based manufacturer and marketer of wire harnesses and provider of assembly services hit up UBS in April for a $250 million deal to back the acquisition of Viasystems Group (CIN, 4/14). That deal comprises a six-year, $35 million revolver; a seven-year, $155 million term loan and an eight-year, $60 million second-lien term loan. The revolver is priced at LIBOR plus 2 3/4%, the term loan at LIBOR plus 2 1/2% and the second lien at LIBOR plus 6 1/2%. An ECI spokesman could not be reached.
GenTek is divesting the Noma Wire and Cable Assembly business as part of its plan to focus on its core chemicals and valve train systems businesses. Parsippany, N.J.-based GenTek provides specialty inorganic chemical products and services for treating water and petroleum refining as well as manufactures personal care products, valve-train systems and components for automotive engines. The sale to ECI includes its facilities in Mexico, Canada, India and the U.S. Its facilities in Concord, Ontario, Canada and Nogales, Mexico, are being sold in separate transactions. Calls to William Redmond Jr., GenTek ceo, were not returned by press time.