GXS to launch $450 million credit facility Tuesday

By Sara Rosenberg

New York, May 23 - GXS Corp. is scheduled to hold a bank meeting Tuesday afternoon to launch its proposed $450 million credit facility, according to a market source.

Citigroup is the sole lead bank on the deal.

The facility consists of a $50 million revolving credit facility (B+), a $300 million first-lien term loan (B+) and a $100 million second-lien term loan (CCC+), the source said.

Proceeds from the term loans will be used, along with available cash, to finance the previously announced acquisition of G International Inc. and to repay certain of GXS' and G International's outstanding debt - including GXS' $105 million senior secured floating-rate notes and a portion of GXS' outstanding senior subordinated reset notes.

The revolver is expected to be undrawn at closing.

GXS is a Gaithersburg, Md., provider of B2B e-commerce solutions that simplify and enhance business process integration and collaboration.

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