V.Group readies launch of $420 million credit facility for Wednesday

By Sara Rosenberg

New York, June 2 - V.Group is scheduled to hold a bank meeting on Wednesday to launch a $420 million credit facility, according to a market source.

The facility consists of a $35 million five-year revolver, a $260 million seven-year first-lien term loan and a $125 million 71/2-year second-lien term loan, the source said.

RBC Capital Markets and Goldman Sachs Bank USA are the lead banks on the deal, with RBC left lead on the first-lien loan and Goldman left lead on the second-lien loan.

Commitments are due on June 18, the source added.

Proceeds will be used to refinance existing debt and to pay a dividend.

V.Group is a supplier of specialist outsourcing services to asset owners and operators in the shipping, offshore, leisure and defense sectors.

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