DoubleClick to launch $455 million credit facility in June

By Sara Rosenberg

New York, May 31 - DoubleClick Inc.'s proposed $455 million credit facility is expected to launch via a bank meeting in June, according to a market source, who added that a specific date has not been determined.

Bear Stearns is the lead bank on the deal.

The facility consists of an up to $290 million senior secured first-lien term loan talked at Libor plus 400 basis points, an up to $115 million senior secured second-lien term loan talked at Libor plus 725 basis points and a $50 million senior secured first-lien revolver, according to a recent DEFM14A filing with the Securities and Exchange Commission.

Proceeds from the term loans will be used to fund the acquisition of DoubleClick by Hellman & Friedman LLC and JMI Equity for $1.1 billion, or $8.50 a share, and to repay existing debt.

Hellman & Friedman has committed to provide up to $327 million in equity financing for the leveraged buyout and JMI Management has committed to provide $15 million in equity financing.

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.

The revolver will be available for general corporate purposes.

DoubleClick is a New York-based internet advertising services company.

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