Airborne launches $180 million credit facility

By Sara Rosenberg

New York, Nov. 16 - Airborne Inc. held a bank meeting on Wednesday to launch its proposed $180 million credit facility, according to sources.

JPMorgan is the lead bank on the deal.

The facility consists of a $30 million revolver, a $110 million first-lien term loan talked at Libor plus 275 to 300 bps and a $40 million second-lien term loan talked at Libor plus 700 bps, sources said.

Proceeds will be used for a dividend recapitalization.

Airborne is an herbal preventative cold remedy.

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