Florida East Coast Industries sets Tuesday launch for $1.656 billion credit facility

By Sara Rosenberg

New York, Nov. 7 - Florida East Coast Industries, Inc. has scheduled a conference call for Tuesday to launch its $1.656 billion 18-month credit facility, according to a market source.

The deal was originally expected to launch this Thursday, but was pushed off a few days because of scheduling conflicts.

Citigroup and Bear Stearns are the lead banks on the deal, with Citi the left lead.

The facility consists of a $50 million revolver, a $13.25 million delayed-draw term loan, a $992.75 million "property" term loan B and a $600 million "rail" term loan B, the source said, adding that price talk is not yet available.

Proceeds will be used to back the already completed buyout of the company by Fortress Investment Group LLC.

Florida East Coast Industries is a Jacksonville, Fla., company that operates through two distinct businesses, Flagler Development Group, its commercial real estate operation, and Florida East Coast Railway LLC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.