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MSC Industrial Receives $650 Million in Loans for Acquisition

April 22 (Bloomberg) -- MSC Industrial Direct Co., a provider of office and industrial equipment, got $650 million in loans to help finance its acquisition of Barnes Group Inc.’s North American distribution business.

The funding consists of a $250 million term loan and a $400 million revolving credit line, MSC said today in a statement distributed by PR Newswire. The Melville, New York-based company said it borrowed $120 million from the revolver and also used cash to finance the deal.

MSC Industrial agreed in February to buy the North American distribution business of Barnes Group for $550 million. The deal almost doubles the company’s sales force, Erik Gershwind, MSC’s president and chief executive officer, said in the statement today.

Under a revolver, money can be borrowed again once it’s repaid; in a term loan, it can’t.

To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net

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

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