Ryan readies launch of $300 million credit facility for Tuesday

By Sara Rosenberg

New York, July 10 – Ryan LLC will hold a bank meeting at 1 p.m. ET on Tuesday to launch a $300 million credit facility (B2), according to market sources.

Goldman Sachs Bank USA and Bank of America Merrill Lynch are the lead banks on the deal.

The facility consists of a $50 million revolver and a $250 million five-year term loan, sources said.

Early guidance on the term loan is floating around at Libor plus 550 basis points to 575 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year, sources continued.

Proceeds will be used to refinance existing debt and add cash to the balance sheet.

Ryan is a Dallas-based provider of tax services.

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