Bloomberg News

Melrose to Fund Elster Purchase With 321 Million Pounds of Loans

June 29, 2012

Melrose Plc (MRO), a U.K. investment company focused on engineering firms, said it will use 321 million pounds ($502 million) of loans to help fund the acquisition of gas and power meters provider Elster Group SE. (ELT:US)

The financing includes term loans and a revolving credit from the London-based company’s banks, according to a statement.

Melrose will also finance the $2.3 billion deal with a 1.2 billion-pound rights offer.

Barclays Plc, Commerzbank AG, HSBC Holdings Plc, JPMorgan Chase & Co., Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc led lenders in a 750 million-pound loan financing signed in 2008, according to data compiled by Bloomberg.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

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


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