Antares Capital sets talk on roughly $13.9 billion credit facility

By Sara Rosenberg

New York, July 27 – Antares Capital came out with talk on its $13,906,000,000 credit facility that launched with a bank meeting on Monday, according to a market source.

The $10,706,000,000 asset-based facility is talked at Libor plus 225 basis points with a 50 bps unused fee, and the $2 billion holdco five-year revolver and $1.2 billion holdco five-year term loan A are talked at Libor plus 125 bps with an 18 bps unused fee, the source said.

The holdco tranches are rated BBB and pricing is based on a ratings 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.

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

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

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

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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