Vistage readies launch of $385 million credit facilities for Thursday

By Sara Rosenberg

New York, Jan. 16 – Vistage Worldwide Inc. is scheduled to hold a bank meeting on Thursday morning to launch $385 million of credit facilities, according to a market source.

Macquarie Capital (USA) Inc. is the lead bank on the deal.

The facilities consist of a $25 million five-year revolver, a $260 million seven-year first-lien term loan B and a $100 million eight-year second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the buyout of the company by Providence Equity Partners from TowerBrook Capital Partners.

Vistage is a San Diego-based for-profit membership organization of CEOs.

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