Van Wagner plans to launch $200 million credit facility on Wednesday

By Sara Rosenberg

New York, July 9 - Van Wagner Communications LLC will hold a bank meeting on Wednesday morning to launch a proposed $200 million credit facility, according to a market source.

Barclays Capital Inc. and GE Capital Markets are the lead banks on the deal.

The facility consists of a $25 million five-year revolver and a $175 million seven-year term loan B, the source said.

Proceeds will be used to refinance existing debt, to fund an upfront cash payment for an acquisition and for general corporate purposes.

Van Wagner is an out-of-home advertising company.

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