Nortek to finance Thomas & Betts HVAC purchase with ~$350M term loan

Nortek intends to fund the approximately $260 million purchase, repay outstanding debt, and cover fees using proceeds of an approximately $350 million senior secured term loan plus cash on hand.

“Nortek intends to finance the purchase price of approximately $260 million, to repay approximately $93 million of outstanding indebtedness under the existing senior secured term loan, and to pay related fees and expenses with proceeds of an approximately $350 million senior secured term loan and cash on hand.”

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