Credit Suisse and CIBC World Markets last Tuesday hit the market with a $150 million credit for the buyout of Excel Mining Systems by SPG Partners. The deal consists of a six-year, $20 million revolver; a seven-year, $130 million term loan "B" and an eight-year, $50 million mezzanine facility. Price talk on the credit is LIBOR plus 3% on the revolver and term loan "B." The purchase price of the acquisition could not be determined by press time.
One investor said it is an interesting deal in a sector that is doing very well right now. Excel has turned its financials around to drastically increase EBITDA over the past few years, he said, commenting that it would be great if the company could keep those numbers up. Exact yearly EBITDA could not be determined.
Based in Bowerston, Ohio, Excel is a producer of roof support for the coal and hard rock mining industries. Calls to an Excel representative and an SPG representative were not returned.