Wastequip tapped the bank market for $381 million in financing led by Credit Suisse last Friday, according to a banker. The credit consists of a five-year, $50 million revolver; a six-year, $85 million delayed-draw term loan "B" and a six-year, $246 million "B" term loan. Pricing could not be determined by press time.
The financing is being used by Odyssey Investment Partners to acquire Wastequip from DLJ Merchant Banking Partners, a Credit Suisse affiliate, for an undisclosed amount. Cleveland-based Wastequip manufactures a diverse line of waste handling, recycling and material handling equipment, and operates manufacturing facilities throughout North America. Odyssey is a New York-based middle-market private equity firm. Calls to spokesmen for Wastequip, Odyssey and Credit Suisse were not returned.