Bank of Nova Scotia and Firtstar Bank have reportedly signed on to the $50 million add-on for Trend Technologies launched two weeks ago, according to a banker on the deal. CIBC World Markets led the deal with Deutsche Bank and FleetBoston Financial. The banker said a little over $40 million of the credit has been syndicated.
The $50 million add-on is backing the company's acquisition of Cowden International. The add-on will be tacked onto a $100 million term loan "B" that was part of a $175 million deal backing Doughty Hanson & Co.'s majority stake purchase of Trend Technologies.
Doughty Hanson & Co. is a London-based private equity fund manager. Trend Technologies produces metal and plastic enclosures for electronics applications. Cowden is an electronics and computer firm. The original $175 million credit was structured as a $75 million revolver and a $100 million term loan "B."