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Gardner Denver Sets Meeting for Buyout Loan as Debt Prices Rise

Gardner Denver Inc. is preparing to meet with lenders next week on $2.73 billion of bank debt to support its buyout by KKR & Co. as leveraged loans reverse an eight-day losing streak.

The industrial equipment maker is meeting with U.S. investors on July 9 in New York and European lenders on July 11 in London to discuss a $1.8 billion term loan and a $525 million term piece denominated in euros, both due in seven years, and a $400 million revolving line of credit that expires in five years, according to a person with knowledge of the deal.

Leveraged-loans rose 0.3 cents today to $97.46, the second consecutive increase after eight straight days of declines, according to the Standard & Poor’s/LSTA Leveraged Loan 100 Index. Year-to-date loans have returned 1.99 percent, compared with a 4.89 percent gain during the same period last year.

Macquarie Group Ltd and General Electric Capital Corp. are providing financing to support Kohlberg & Co.’s $438 million acquisition of Steinway Musical Instruments Inc., the owner of the 160-year-old piano maker said today in a regulatory filing.

Ocean Rig UDW Inc., a provider of offshore deepwater-drilling services, increased the size of a seven-year term loan to $975 million from $900 million while reducing a three-year piece to $825 million from $900 million, according to another person with knowledge of the transaction.

Charter Communications Inc., the fourth-largest U.S. cable operator, amended a credit agreement to allow for acquisitions and alters the defined events of default to permit change of control offers for assumed indebtedness, according to a regulatory filing today. The Stamford, Connecticut-based company is the most indebted junk-rated U.S. cable company with $12.8 billion of borrowings, according to data compiled by Bloomberg.

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