Connect with us

Automotive Aftermarket Manufacturing

Rank Group Gets Closer to Finalizing Honeywell CPG Acquisition

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


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.


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.



Sponsored Content

Why OE Spark Plugs May Not Always Be the Best Option