AM General seeks $200 million holdco term loan

By Sara Rosenberg

New York, March 21 - AM General LLC is currently in market with a $200 million five-year holdco term loan, according to a market source.

MacAndrews AMG Holdings is the actual borrower under the term loan.

Citigroup and Bear Stearns are the lead banks on the deal that was launched with a conference call on Tuesday.

The term loan is being talked at Libor plus 500 basis points cash pay, with call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Proceeds will be used to pay a dividend and refinance some debt at MacAndrews AMG.

AM General is a South Bend, Ind., military and special purpose vehicles company.

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