Van Wagner talks $175 million term loan B at Libor plus 600 to 625 bps

By Sara Rosenberg

New York, July 11 - Van Wagner Communications LLC launched its $175 million seven-year term loan B on Wednesday morning with price talk of Libor plus 600 basis points to 625 bps with a 1.25% Libor floor and an original issue discount of 98, according to sources.

The B loan has 101 soft call protection for one year, sources said.

The company's $200 million senior secured credit facility also provides for a $25 million five-year revolver.

Included in the credit agreement is a maximum senior leverage ratio requirement.

Barclays Capital Inc. and GE Capital Markets are the lead banks on the deal.

Net senior secured leverage is 5.2 times.

Expected ratings are B3/B- and commitments are due at 5 p.m. ET on July 25, sources said.

Proceeds will be used to refinance existing debt, to fund an upfront cash payment for an acquisition and for general corporate purposes.

Van Wagner is an out-of-home advertising company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.