Loans backing two $1 billion automotive acquisitions by The Cypress Group are hitting the market. Syndication launched last week for the financing backing the $1 billion acquisition of the automotive aftermarket businesses of Dana Corp. by Cypress Group affiliate Affinia Group, after the purchase price was revised from $1.1 billion. This week the financing for Cypress Group and Goldman Sachs Capital Partners' $1.165 billion acquisition of Cooper-Standard Automotive will also come to market.
Credit Suisse First Boston, Deutsche Bank, Goldman Sachs and J.P. Morgan are leading the Affinia financing. The credit comprises a six-year, $125 million revolver and seven-year, $400 million "B" loan. Both tranches are being offered at LIBOR plus 3%.
Deutsche Bank and Lehman Brothers are launching the Cooper-Standard credit which comprises a $125 million revolver, $75 million "A" loan, $90 million "B" loan and $185 million "C" loan. A Cypress Group spokesman declined comment on both transactions. Officials from all of the banks either declined comment or did not return calls.