DDC Recaps as Dover Spins Off

Behrman Capital-backed Data Device Corporation has completed a recapitalization and spun off its subsidiary ILC Dover. DDC received a $300 million loan and a $30 million credit revolver from a group led by Credit Suisse and GE Capital. The latter also led a $37 million credit facility for Dover. Proceeds were used to help pay a cash dividend to shareholders and repay existing debt. Behrman obtained its stake in the two companies when it acquired ILC Industries, which was their parent company, in 2003. DDC manufactures microelectronic components for the defense, space and aerospace industries.