Creative Circle to launch $200 million credit facility on Wednesday

By Sara Rosenberg

New York, May 22 - Creative Circle LLC is scheduled to hold a bank meeting on Wednesday to launch a $200 million credit facility, according to a market source.

Societe Generale is the lead arranger on the deal.

The facility consists of a $15 million revolver (B1/B+), a $150 million first-lien term loan (B1/B+) and a $35 million second-lien term loan (Caa1/CCC+), the source said.

Included in the facility is a maximum total leverage ratio.

Proceeds will be used to refinance existing debt and fund a dividend.

Morgan Stanley Global Private Equity is the sponsor.

Senior leverage is 3.7 times and total leverage is 4.6 times, the source added.

Creative Circle is a Los Angeles-based provider of specialized freelance and permanent staffing for advertising, creative and digital/IT marketing talent.

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