Mitchell $155 million credit facility to launch Tuesday

By Sara Rosenberg

New York, July 12 - Mitchell International Inc.'s $155 million credit facility is scheduled to launch in a bank meeting Tuesday, according to a market source.

Goldman Sachs and Wachovia are the lead banks on the deal, with Goldman listed on the left.

The facility consists of a $15 million five-year first-lien revolving credit facility with an interest rate of Libor plus 300 basis points (B1), a $95 million seven-year first-lien term loan with pricing still to be determined (B1) and a $45 million eight-year second-lien term loan with pricing to be determined (B2), the source said.

Proceeds will be used to finance a cash dividend to existing shareholders, retire existing debt, fund a special employee bonus pool and provide working capital.

Mitchell is a San Diego provider of information products, software and e-business solutions for the auto insurance, collision repair, medical claims, and glass replacement industries.

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