Crestview Partners has tapped Citigroup and Bear Stearns to back its leveraged buyout of Key Safety Systems. The facility, which will also refinance debt, was launched at a bank meeting Thursday. The financing consists of a $50 million revolver priced at LIBOR plus 2 3/4%, a $350 million first lien "B" loan, also priced at LIBOR plus 2 3/4% and a $100 million term loan "C" priced at LIBOR plus 5 1/2%.
Based in Sterling Heights, Mich., Key is a designer and manufacturer of various car components including airbags, seat belts and steering wheels. It has around 36 manufacturing and sales facilities in 12 countries generating around $1.1 billion in sales, according to its Web site. Customers include DaimlerChrysler, Fiat, Ford Motor Co. and General Motors. A call to Dave Smith, senior v.p. and cfo, was not returned.