Angelica to launch $150 million of term loans in early October

By Sara Rosenberg

New York, Sept. 15 - Angelica Corp. is planning a bank meeting in early October to launch its proposed credit facility that will include a $50 million term loan A and a $100 million term loan B, according to a market source.

Macquarie and Jefferies are the joint lead arrangers on the deal, with Macquarie the left lead.

Proceeds will be used to fund a $35 million dividend payment to the sponsor, Trilantic Capital Partners, and to completely refinance an existing credit facility and mezzanine debt.

Pro forma first-lien/total leverage will be 3.5 times.

Angelica is a St. Louis-based provider of outsourced linen management services to the health care industry.

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