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MediMedia $250 million credit facility likely early October business
By Sara Rosenberg
New York, Sept. 13 - MediMedia is expected to hold a bank meeting in the early October timeframe to launch its proposed $250 million credit facility, according to a market source.
Goldman Sachs and Credit Suisse are the lead banks on the deal, with Goldman the left lead.
The credit facility consists of a $200 million term loan and a $50 million revolver that is expected to be undrawn at closing.
Proceeds from the credit facility, along with $150 million in senior subordinated high-yield bonds, will be used to fund the buyout of MediMedia by Vestar Capital Partners and management from Cinven, The Carlyle Group and Apax Partners.
The transaction is subject to regulatory clearances and is expected to close in early October, meaning that the credit facility will probably fund and then be syndicated to the general loan market, the source explained.
MediMedia is a Chatham, N.J.-based specialty health care communications, publishing and patient education company.
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