Local Insight to launch $365 million credit facility on Tuesday

By Sara Rosenberg

New York, March 31 - Local Insight Regatta Holdings Inc. is scheduled to hold a bank meeting on Tuesday afternoon to launch its proposed $365 million senior secured credit facility (BB-), according to market sources.

JPMorgan, Lehman, Wachovia and Merrill Lynch are the bookrunners on the deal, with JPMorgan and Lehman the joint lead arrangers.

The facility consists of a $30 million six-year revolver and a $335 million seven-year term loan, sources said, adding that price talk will likely emerge at the launch.

Proceeds will be used to refinance existing debt and to help fund the acquisition of Berry Co.'s independent line of business from L.M. Berry and Co., a subsidiary of AT&T Inc.

Local Insight is an Englewood, Colo., publisher of print and online directories.

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