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.
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