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Federal IT $90 million credit facility to launch Tuesday
By Sara Rosenberg
New York, March 30 - Federal IT is scheduled to hold a bank meeting on Tuesday afternoon to launch its proposed $90 million credit facility, according to a market source.
Bear Stearns and Wachovia are the lead banks on the deal, with Bear Stearns the left lead.
The facility consists of a $10 million revolving credit facility and an $80 million term loan, the source said, adding that price talk is not yet available.
Federal IT, a Kelso portfolio company that provides information technology services to the intelligence defense sector, will use proceeds from the new credit facility to acquire another company that operates in the same field.
Following closing of the transaction total leverage will be less than 4x.
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