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First Student/First Transit to launch $2 billion of term loans Monday
By Sara Rosenberg
New York, June 25 – First Student & First Transit is scheduled to hold a lender call at 11 a.m. ET on Monday to launch $2.015 billion of senior secured first-lien term loans, according to a market source.
Barclays, Morgan Stanley Senior Funding Inc., BMO Capital Markets, TD Securities (USA) LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, MUFG, BNP Paribas Securities Corp., Citizens Bank, Deutsche Bank Securities Inc., Stifel and Mizuho are the bookrunners on the deal.
The debt consists of a $1.49 billion seven-year term loan B and a $525 million seven-year term loan C, the source said.
The term loans have 101 soft call protection for six months.
Proceeds from the term loan B will be used to help fund the buyout of the companies by EQT Infrastructure from FirstGroup plc for $4.6 billion, and proceeds from the term loan C will be placed in a specified restricted account for purposes of providing cash collateral against letters of credit.
Closing is expected this summer, subject to customary conditions.
First Student is a Cincinnati-based student transportation service provider. First Transit is a Cincinnati-based public transit management operator.
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