Ten-X to launch $495 million first-lien credit facilities on Tuesday

By Sara Rosenberg

New York, Sept. 8 – Ten-X LLC is scheduled to hold a bank meeting in New York on Tuesday to launch $495 million of first-lien credit facilities, according to a market source.

Antares Capital, Guggenheim Securities, Citizens Bank, KeyBanc Capital Markets and Sumitomo Mitsubishi Banking Corp. are the joint lead arrangers on the deal.

The first-lien facilities consist of a $45 million five-year revolver and a $450 million seven-year covenant-light term loan, the source said.

The company is also getting a $110 million second-lien term loan that has been privately placed.

Proceeds will be used to help fund the buyout of the company by Thomas H. Lee Partners LP.

Members of the company’s senior management team, Stone Point Capital and CapitalG, among others, which currently are investors in Ten-X, will continue to hold minority stakes in the company.

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

Ten-X is an Irvine, Calif.-based provider of an online real-estate marketplace.

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