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Acosta $675 million credit facility to launch Tuesday
By Sara Rosenberg
New York, Nov. 4 - Acosta Sales Co. Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $675 million credit facility, according to a market source.
The facility consists of a $60 million six-year revolver, a $515 million seven-year first-lien term loan and a $100 million 71/2-year second-lien term loan, the source said, adding that price talk is not yet available.
Wachovia and Goldman Sachs are the lead banks on the deal, with Wachovia the left lead on the revolver and first-lien term loan and Goldman left lead on the second-lien term loan.
Proceeds will be used for a dividend recapitalization.
Acosta is a Jacksonville, Fla., sales and marketing agency to the consumer packaged goods industry.
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