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Rank Group Gets Closer to Finalizing Honeywell CPG Acquisition

Company announces bank meeting, anticipated funding for Honeywell Consumer Products Group acquisition.

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NEW YORK — Rank Group, a private group of companies based in New Zealand, has announced its intention to hold a bank meeting with Autoparts Holdings Limited and prospective lenders on July 7 in New York City, to discuss the financing plans in connection with the proposed acquisition of Honeywell’s Consumer Products Group by an affiliate of Rank Group.

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The Rank Group affiliates intend to finance the acquisition and associated transaction costs with a $530 million senior secured first lien term loan and a $150 million senior secured second lien term loan. This will be done together as part of a new $730 million senior secured credit facility comprised of a $50 million senior secured first lien revolving credit facility, the First Lien Term Loan and the Second Lien Term Loan and an equity contribution of approximately $307 million.

The acquisition is expected to close in the third quarter of 2011.

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