Van Wagner $200 million credit facility to launch Tuesday

By Sara Rosenberg

New York, June 22 - Van Wagner is scheduled to hold a bank meeting on Tuesday to launch its proposed $200 million credit facility, according to a market source.

General Electric Capital Corp. is the lead bank on the deal.

The facility consists of a $25 million revolver, a $50 million delayed-draw term loan and a $125 million term loan B, with all three tranches talked in the Libor plus 250 to 300 basis points range, the source said.

The deal is expected to generate mid-single B ratings.

Proceeds will be used to refinance existing debt.

Van Wagner is an outdoor advertising company.

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