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KPS Capital Partners Completes Waupaca Recap, GE Capital Arranges Financing

February 08, 2013, 08:09 AM

KPS Capital Partners announced today that its portfolio company, Waupaca Foundry, completed a successful recapitalization.  The proceeds of the recapitalization, funded by a $200 million upsizing of the Company's term loan, were used to fund a $200 million cash distribution to stockholders.

Financing for the transaction was provided by a syndicate of banks and institutional investors with GE Capital Markets, Inc. acting as lead arranger.  RBC Capital Markets acted as special advisor to KPS.

Following the recapitalization, Waupaca remains conservatively capitalized and will have the continued support of KPS, its majority shareholder, to pursue continuous improvement and growth initiatives. KPS is a private equity firm with $2.5 billion of assets under management.

KPS acquired ThyssenKrupp Waupaca, Inc., which was renamed Waupaca Foundry, Inc., from ThyssenKrupp Budd Company, through a newly formed, wholly owned affiliate, in June 2012.

Waupaca Foundry, Inc., the largest iron foundry company in the world, produces gray and ductile iron castings using state-of-the-art technology. Waupaca is North America's leading supplier of iron castings to the automotive, truck, agriculture, construction, hydraulics and commercial vehicle markets.

KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with $2.5 billion of assets under management focused on constructive investing in restructurings, turnarounds and other special situations.

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