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DG FastChannel $145 million facility expected to launch this month
By Sara Rosenberg
New York, Jan. 2 - DG FastChannel, Inc. is anticipated to hold a bank meeting sometime this month to launch its proposed $145 million six-year senior credit facility, according to a market source.
BMO Capital Markets is the lead bank on the deal.
Proceeds will be used to help fund the acquisition of Level 3 Communications, Inc.'s Vyvx advertising services business for $129 million in cash, subject to certain adjustments, and to refinance an existing $85 million senior credit facility.
Other financing for the transaction will come from a $65 million two-year senior unsecured bridge loan.
The acquisition is expected to close in the first quarter, subject to customary regulatory approvals.
DG FastChannel is an Irving, Texas-based provider of digital media services to the advertising and broadcast industries.
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