Turner Bros. pushes out $88 million credit facility launch, tentatively reset for Aug. 13

By Sara Rosenberg

New York, Aug. 4 - Turner Bros. has changed the timing on the launch of its proposed $88 million six-year credit facility and is now tentatively scheduled to hold a bank meeting for the deal on Aug. 13, according to a market source.

Originally, the bank meeting had been scheduled to take place this Wednesday.

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. 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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