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Virgin Mobile $600 million credit facility targeted to launch April 25 week
By Sara Rosenberg
New York, April 15 - Virgin Mobile is tentatively targeting the week of April 25 to launch its proposed $600 million credit facility into syndication, according to a market source.
JPMorgan and Merrill Lynch are joint lead arrangers on the deal, with JPMorgan the left lead.
The facility consists of a $100 million five-year revolving credit facility and a $500 million 61/2-year term loan B, the source said, adding that price talk is not yet available.
Proceeds will be used for a recapitalization that includes making a dividend payment and refinancing existing debt.
Virgin Mobile Holding plc is a United Kingdom-based mobile virtual network operator.
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