Cardone looking for loans for buyout: magazine says

A report on Bloomberg’s Business Week web site says auto parts remanufacturer Cardone Industries is said to be seeking $300 million in loans to back its buyout by TPG Capital LP.

The report is based on comments from “a person with knowledge of the transaction” who said the financing will include a $250 million term loan due in six years and a $50 million revolving line of credit maturing in five years.

RBC Capital Markets is said to be arranging the financing for the Philadelphia-based company.