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Contact:
For
Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company
(212) 521-4800
BEHRMAN CAPITAL COMPLETES $192.5 MILLION
RECAPITALIZATION FOR ILC INDUSTRIES, INC.
NEW YORK, February 5, 2004 — Behrman Capital, a
private equity investment firm based in New York and San Francisco,
announced today that it has completed a $192.5 million recapitalization for
ILC Industries, Inc. Behrman Capital and Chief Executive Officer Clifford
Lane acquired ILC through a $303 million transaction in April 2003.
Under terms of the recapitalization, ILC has obtained a senior secured term
loan facility consisting of a $17.5 million revolving credit facility, a
$115 million first lien term loan and a $60 million second lien term loan.
“We are very pleased with the success of this leveraged recapitalization,”
said Grant G. Behrman, Managing Partner of Behrman Capital. “ILC’s strong
performance in 2003, which was significantly better than our internal plan,
helped us to establish an improved capital structure. Consequently, the
Company will have significantly increased financial flexibility and
additional resources to continue its growth and expansion. In addition, the
transaction will generate a distribution to the Behrman-led investor group
of approximately $30 million, or over 25% of the original equity investment
made less than a year ago. We are particularly pleased that Behrman
Capital’s Limited Partners will benefit through a transaction that also
provides ILC significantly expanded financial resources.”
In conjunction with the transaction, ILC has repaid the entire outstanding
balance on its existing $121 million senior secured credit facility and
retired the entire balance of its mezzanine financing -- $55.7 million of
senior subordinated notes.
UBS Investment Bank served as sole arranger and book runner for the
offering. The financing is being provided by a consortium of lenders
including UBS Investment Bank, General Electric Capital Corporation, and The
Royal Bank of Scotland, PLC. Latham and Watkins acted as legal advisor to
Behrman Capital for the transaction.
ILC Industries, Inc., a privately held company based in Bohemia, New York,
has two operating subsidiaries: Data Device Corporation, a manufacturer of
microelectronic components for the aerospace and defense industries, and ILC
Dover, a manufacturer of advanced softgood materials for unique space,
military, homeland security and commercial applications.
Based in New York City and San Francisco, Behrman Capital was founded in
1992 by Darryl G. and Grant G. Behrman. The firm invests in management
buyouts, leveraged buildups and recapitalizations of established growth
companies and provides expansion capital to emerging growth companies. The
company’s investments are focused primarily in four industries: information
technology, business services, contract manufacturing, and outsourcing. The
firm currently has a combined capital base exceeding $1.8 billion.
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