Bloomberg News

Cardone Industries Said to Seek $300 Million in Loans for Buyout

January 04, 2012

Jan. 3 (Bloomberg) -- Cardone Industries Inc., a remanufacturer of automotive parts, is said to be seeking $300 million in loans to back its buyout by TPG Capital LP, according to a person with knowledge of the transaction.

The financing will include a $250 million term loan due in six years and a $50 million revolving line of credit maturing in five years, said the person, who declined to be identified because the terms are private.

RBC Capital Markets, the investment-banking arm of the Royal Bank of Canada is arranging the financing for the Philadelphia-based company and will host a lender meeting on Jan. 5 in New York, the person said.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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