Mitchell sets structure on $330 million credit facility ahead of Thursday launch

By Sara Rosenberg

New York, Feb. 26 - Mitchell International Inc. detailed tranching on its proposed $330 million credit facility as the deal is getting ready to launch with a bank meeting on Thursday, according to a market source.

The facility consists of a $20 million revolver, a $190 million first-lien term loan B and a $120 million second-lien term loan, the source said, adding that price talk is not yet available.

The company is also getting a $20 million holdco payment-in-kind mezzanine loan.

Goldman Sachs is the lead bank on the deal.

Proceeds from the debt will be used to fund the leveraged buyout of the company by an investment group led by Aurora Capital Group from Hellman & Friedman LLC.

Leverage through the first-lien leverage is just over 4.0 times, leverage through the second lien is 7.0 times and leverage through the holdco mezzanine is 7.5 times.

Mitchell is a San Diego-based provider of information, workflow and performance management solutions to the automotive insurance claims and collision repair industries.

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