Magnate Worldwide to launch $300 million of term loans on Tuesday

By Sara Rosenberg

New York, Feb. 3 – Magnate Worldwide LLC is scheduled to hold a lender meeting at 2 p.m. ET on Tuesday to launch $300 million of term loans, according to a market source.

Citizens Bank is the lead arranger and administrative agent on the deal.

The debt consists of a $260 million seven-year covenant-lite first-lien term loan and a $40 million delayed-draw covenant-lite term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Littlejohn & Co. LLC.

Magnate Worldwide is an asset-light third-party logistics provider with headquarters in Portland, Ore., and Chicago.

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