DoubleClick sets Tuesday launch for $455 million credit facility

By Sara Rosenberg

New York, June 9 - DoubleClick Inc. has firmed up timing on the launch of its $455 million credit facility as a Tuesday bank meeting has been scheduled, according to a syndicate document.

Bear Stearns and Credit Suisse First Boston are joint lead arrangers on the deal.

The facility consists of a $290 million seven-year senior secured first-lien term loan B, a $115 million eight-year senior secured second-lien term loan and a $50 million five-year revolver with a 50 basis point commitment fee, the document said.

According to a commitment letter previously filed with the Securities and Exchange Commission, the term loan B is talked at Libor plus 400 bps and the second-lien term loan is talked at Libor plus 725 bps.

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 $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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