BT Alex. Brown, Chase Manhattan Bank, and Merrill Lynch & Co. on Tuesday launched syndication of a $320 million leveraged loan backing the recapitalization of Werner Holding Co.

Bahrain-based Investcorp, an investment bank, will take a majority stake in closely held Werner, a Greenville, Pa.-based manufacturer of ladders and other climbing equipment and a producer of aluminum components for the auto parts industry.

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