AM General launches $370 million senior secured credit facility

By Sara Rosenberg

New York, Feb. 13 - AM General LLC held a call at 11 a.m. ET on Wednesday, launching a $370 million senior secured credit facility to investors, according to market sources.

The facility consists of a $20 million revolver and a $350 million term loan, sources said.

Price talk on the term loan is Libor plus 650 basis points to 675 bps with a 1.25% Libor floor and an original issue discount of 98, sources continued.

Included in the term loan is hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance existing bank debt.

Commitments are due on Feb. 26.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Natixis are leading the deal.

AM General is a South Bend, Ind.-based designer, manufacturer and supplier of specialized vehicles for commercial and military customers.

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