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Bear Stearns to provide $405 million bank financing for DoubleClick buyout
New York, April 25 - Bear Stearns has committed to $405 million of credit facilities to help fund the acquisition of DoubleClick Inc. by Hellman & Friedman LLC and JMI Equity.
The bank financing will be made up of $290 million of senior first-lien secured facilities and $115 million of senior second-lien secured facilities, according to an 8-K filing with the Securities and Exchange Commission.
Under some circumstances, the credit facilities may be reduced by up to $85.5 million, with the $342 million equity commitment to be increased by the corresponding amount.
DoubleClick announced Monday that it has agreed to be acquired by Hellman & Friedman for $1.1 billion, or $8.50 a share. JMI Equity will invest alongside Hellman & Friedman.
DoubleClick is a New York-based internet advertising services company.
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