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Pacer International to launch $330 million loan Wednesday
By Sara Rosenberg
New York, May 16 - Pacer International Inc. is scheduled to launch a $330 million credit facility on Wednesday, according to a syndicate source. Deutsche Bank is the lead bank on the deal.
The loan consists of a $75 million five-year revolver with an interest rate of Libor plus 325 basis points and a $255 million seven-year term loan B with an interest rate of Libor plus 325 basis points, the syndicate source said.
Proceeds will be used to refinance the Concord, Calif. logistics provider's existing credit facility and redeem or repurchase its existing 11¾% senior subordinated notes. The company expects the transactions to add 10 cents to 2004 diluted earnings per share.
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