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Asurion to launch $2.435 billion credit facility on Thursday
By Sara Rosenberg
New York, June 1 - Asurion Corp. is scheduled to hold a bank meeting on Thursday to launch its proposed $2.435 billion credit facility, according to a market source.
Merrill Lynch, Bank of America and Lehman Brothers are the lead banks on the deal.
The facility consists of a $100 million revolver, a $1.755 billion first-lien term loan and a $580 million second-lien PIK toggle term loan, the source said.
Proceeds will be used to help fund the acquisition of a majority stake in the company by Madison Dearborn Partners, Providence Equity Partners and Welsh, Carson, Anderson & Stowe.
Asurion is a Nashville, Tenn., provider of enhanced services to the wireless telecommunication industry.
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