Ginn Clubs & Resorts to launch $675 million facility next week

By Sara Rosenberg

New York, May 3 - Ginn Clubs & Resorts is scheduled to hold a bank meeting next week to launch its proposed $675 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $165 million synthetic letter-of-credit facility, a $385 million first-lien term loan B and a $125 million second-lien term loan, the source said.

Proceeds will be used to fund a dividend payout.

Ginn Clubs & Resorts is a Celebration, Fla., privately held resort development and management firm.

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