CIBC Integrates Defense Acquisition Loan

  • 29 Sep 2002
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CIBC World Markets held a bank meeting last Thursday for Integrated Defense Technologies for an amended and restated credit facility backing the $146 million acquisition of the Gaithersburg, Md., operations of BAE Systems. The existing $45 million "B" term loan will be rolled into a new $175 million tranche, one banker said. Pricing on the existing loan is LIBOR plus 23Ž 4%, but this will be hiked up to LIBOR plus 31Ž 4% once the new cash is incorporated. CIBC also leads a $40 million revolver and a $40 million "A" term loan for Integrated.

The size of the extra debt will be around $130 million, according to William Collins, v.p. of administration for Integrated. He said this could be slightly higher or lower depending on cash balances. Debt reduction, however, is the company's main long-term priority, and the company is considering an eventual secondary offering to take out the debt.

In its first year of operation within Integrated, the Gaithersburg division is expected to add approximately $81 million to annual revenue and generate $17 million in EBITDA, Collins noted. The Gaithersburg operation of BAE is a designer and manufacturer of high-performance radio frequency surveillance equipment used in intelligence applications. As a result, it is well positioned to benefit from the projected increases in intelligence spending and information technology intended to transform the U.S. military's intelligence and homeland security efforts, he said.

  • 29 Sep 2002

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
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