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Virgin Mobile $600 million credit facility now expected as May business
By Sara Rosenberg
New York, April 26 - Virgin Mobile is now anticipated to launch its proposed $600 million credit facility sometime in May as opposed to this week as was previously tentatively targeted, according to a market source.
JPMorgan and Merrill Lynch are joint lead arrangers on the deal, with JPMorgan the left lead.
The facility consists of a $100 million five-year revolving credit facility and a $500 million 61/2-year term loan B, with price talk not yet available.
Proceeds will be used for a recapitalization that includes making a dividend payment and refinancing existing debt.
Virgin Mobile Holding plc is a United Kingdom-based mobile virtual network operator.
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