Alliance One in-market with $400 million credit facility

By Sara Rosenberg

New York, March 23 - Alliance One International Inc. is in-market with a $400 million credit facility, according to a syndicate document. Wachovia is the lead bank on the deal.

The facility, which launched via a bank meeting on March 16, consists of a $300 million three-year revolver with an interest rate of Libor plus 250 basis points and a $100 million three-year term loan A with an interest rate of Libor plus 250 basis points, the document said.

Proceeds will be used to help back the merger of Dimon Inc. and Standard Commercial Corp. into one large leaf tobacco merchant company and refinance existing bank debt.

After the merger, Dimon will be the surviving company and will immediately change its name to Alliance One.

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