GE Capital launched syndication of a new loan for automotive manufacturer Metaldyne Corp. at a bank meeting in New York last Wednesday. The deal is a five-year, $175 million asset-based, receivables-only facility priced at LIBOR plus 2 1/4%.
Metaldyne makes components for passenger cars and commercial vehicles, ranging from engine parts to transmissions and suspensions. Its top customers include DaimlerChrysler, Nissan, Ford Motor and Toyota. Private equity fund Heartland Industrial Partners formed Metaldyne through the consolidation of MascoTech, Simpson Industries and Global Metal Technologies. The consolidation started with the MascoTech acquisition in 2000. A call to Paul Triggiani at Heartland was not returned by press time.