A BMO Capital Markets-led arranger group has scheduled a lender call for 9 a.m. ET on March 3 to launch a $515 million term loan B that will back the buyout of Watlow Electric Manufacturing Co. by Tinicum, according to sources.

Price talk for the seven-year TLB is not yet available.

The arranger group also includes BofA Securities, Barclays and Citizens.

Financing also includes a $50 million revolving credit facility and the transaction is expected to close in the first quarter of 2021, subject to the receipt of customary regulatory approvals.

As part of the transaction, the Desloge family shareholders and management will continue to hold a minority share of the company.

Watlow designs, manufactures and sells industrial heaters, temperature sensors, controllers and supporting software and assemblies. The company was founded in 1922 by Louis Desloge Sr.