Bank of New York launched syndication last Wednesday for a $75 million credit backing LeCroy Corp.'s $81 million acquisition of Computer Access Technology Corp. The $75 million credit comprises a $25 million revolver and $50 million "A" loan. The credit is being offered at LIBOR plus 2 3/8% and is subject to a grid tied to leverage, noted Scott Kantor, LeCroy's v.p. finance and cfo.
The credit matures in five years but LeCroy would like to prepay it. "We want to pay this off as fast as we possibly can obviously," Kantor said. "We anticipate the possibility to pay it off in advance of five yearshow far in advance I really don't know at this point." The company does not have plans to draw on the $25 million revolver. Bank of New York bankers declined comment. LeCroy designs and manufactures oscilloscopes and serial data analyzers.