Turner Bros. to launch $88 million credit facility on Wednesday

By Sara Rosenberg

New York, July 31 - Turner Bros. is scheduled to hold a bank meeting on Wednesday to launch its proposed $88 million six-year credit facility, according to a market source.

GE Capital is the lead bank on the deal.

The facility consists of a $15 million revolver and a $73 million term loan, with both tranches talked at Libor plus 475 basis points with an original issue discount of 98, the source said, adding that there is no Libor floor.

Proceeds will be used to fund Huntsman Gay Capital Partners' acquisition of the company from Saw Mill Capital.

Other financing will come from $52 million of mezzanine debt that is being placed by the company/sponsor.

Turner Bros. is a provider of industrial plant maintenance services using its fleet of cranes and specialized transportation equipment.

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