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Centerplate launches $342 million facility at Libor plus 500 bps
By Sara Rosenberg
New York, Sept. 25 - Centerplate Inc. launched Tuesday its $342 million credit facility with price talk of Libor plus 500 basis points, a 1.25% Libor floor and an original issue discount of 99, according to sources.
The facility consists of a $75 million revolver and a $267 million term loan.
GE Capital Markets, PNC Capital Markets LLC and Rabo Securities USA Inc. are leading the deal.
Proceeds will be used to help fund the buyout of the company by Olympus Partners from Kohlberg & Co. LLC.
Commitments are due in two weeks, the source said.
Centerplate is a Stamford, Conn.-based provider of food and beverage concessions, high-end catering and merchandise services in sports facilities, convention centers and other entertainment facilities.
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