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Intermet Secures Exit Financing

13 Oct 2005

Intermet Corp., a Troy, Mich.-based company that produces critical safety components for cars, secured $285 million in exit financing from Goldman Sachs last week.

Intermet Corp., a Troy, Mich.-based company that produces critical safety components for cars, secured $285 million in exit financing from Goldman Sachs last week. The deal consists of an $80 million asset-based loan; a $135 million first lien that is broken up into a $35 million synthetic letter of credit and $100 million term loan; and a $70 million second-lien term loan. Pricing has not yet been set.

Due to a diverse customer base, serving both OEMs and tier one and tier two customers, Intermet's deal should do better than some of the other auto part suppliers that have been having troubles recently, a banker said. Robert E. Belts, v.p. finance and cfo, could not be reached.

13 Oct 2005