Antares Capital to launch $3.2 billion credit facility on Monday

By Sara Rosenberg

New York, July 21 – Antares Capital is set to hold a bank meeting at 11 a.m. ET in New York on Monday to launch a $3.2 billion five-year senior secured credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the lead banks on the deal.

The facility consists of a $2 billion revolver and a $1.2 billion term loan A, the source said.

Pricing on the revolver and term loan A will be on a ratings-based grid.

Amortization on the term loan A is 5% in year one, 7.5% in year two, 10% in year three, and 12.5% in years four and five, the source continued.

Covenants include total net asset value and adjusted asset ratio tests.

Commitments are due by 5 p.m. ET on Aug. 12.

The company is also seeking a $10,706,000,000 asset-based facility, the source added.

Proceeds will be used to help fund the acquisition of the company by CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board, for $12 billion from GE Capital.

Closing is expected in the third quarter, subject to customary regulatory approvals and conditions.

Antares is a Chicago-based lender to middle market private equity sponsors.

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