KKR Unit Said to Purchase All of Excelitas’s $285 Million LoanChristine Idzelis
A unit of KKR & Co. is purchasing a $285 million loan that will help support Excelitas Technologies Corp.’s purchase of Qioptiq, according to a person with knowledge of the transaction.
KKR Asset Management bought the entire second-lien piece at an undisclosed price, said the person, who asked not to be identified because terms aren’t set.
Excelitas, an electronic products provider owned by private-equity firm Veritas Capital, is also seeking a $620 million first-lien loan that may pay interest at 5 percentage points to 5.25 percentage points more than the London interbank offered rate, the person said. The debt would have a 1 percent Libor floor and be sold to investors for 98.5 cents on the dollar, the person said.
Excelitas is buying Qioptiq, a Luxembourg-based maker of high-performance photonic products, without disclosing the purchase price, according to a Sept. 30 statement on its website.
UBS AG is the lead arranger of the debt financing and will host a meeting with lenders tomorrow afternoon, according to the person.
Kristi Huller, a spokeswoman for KKR, declined to comment.