Alliant Resources $205 million credit facility to launch Wednesday

By Sara Rosenberg

New York, July 26 - Alliant Resources Group Inc. is scheduled to hold a bank meeting on Wednesday morning for its proposed $205 million credit facility, according to a market source. GE Capital and Calyon are the lead banks on the deal, with GE listed on the left.

The facility consists of a $30 million five-year revolver with price talk of Libor plus 325 basis points and a $175 million seven-year term loan B with price talk of Libor plus 350 basis points, the source said.

Proceeds will be used to repay existing debt, redeem preferred stock and pay a dividend.

Initially, senior and total leverage will be 3.16x.

The deal is expected to receive a B2 rating from Moody's Investors Service and a B rating from Standard & Poor's, the source added.

Alliant Resources Group, which is majority owned by GTCR Golder Rauner LLC, is a Stamford, Conn., distributor of insurance and financial services products.

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