Mitchell readies launch of $1.53 billion credit facilities for Friday

By Sara Rosenberg

New York, Nov. 7 – Mitchell International Inc. is set to hold a bank meeting at 10:30 a.m. ET in New York on Friday to launch $1.53 billion of credit facilities, according to a market source.

The facilities consist of a $75 million revolver, a $930 million first-lien term loan, a $75 million delayed-draw first-lien term loan and a $450 million second-lien term loan, the source said.

Jefferies LLC, KKR Capital Markets and Macquarie Capital (USA) Inc. are the lead arrangers on the deal, with Jefferies left lead on the first lien and KKR left lead on the second lien.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries.

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