Allied Specialty Vehicles launches $250 million credit facility

By Sara Rosenberg

New York, Nov. 16 - Allied Specialty Vehicles Inc. held a bank meeting on Tuesday morning to launch its proposed $250 million credit facility, according to a market source.

JPMorgan is the left lead bank on the deal.

The facility consists of a $100 million five-year asset-based revolver and a $150 million six-year term loan B, the source said.

Price talk on the term loan B is Libor plus 525 basis points to 550 bps with a 1.75% Libor floor and an original issue discount of 98, the source said.

Proceeds will be used for a recapitalization.

Allied Specialty is a manufacturer of specialty vehicles in the recreational vehicle, fire, ambulance, bus, terminal truck and industrial sweeper markets.

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