Angelica plans new credit facility for purchase by Lehman

By Sara Rosenberg

New York, May 28 - Angelica Corp. has received a commitment for a new senior credit facility to help fund its buyout by a company formed by Lehman Brothers Merchant Banking Partners IV LP, according to an 8-K recently filed with the Securities and Exchange Commission.

Regions Bank is the lead bank on the deal.

Under the transaction agreement, Lehman is purchasing the company for $22 per share in cash.

Other acquisition financing will come from mezzanine debt committed by Apollo Investment Corp. and equity.

The buyout is expected to close in late summer, subject to approval by Angelica shareholders, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions.

Angelica is a Chesterfield, Mo.-based provider of textile rental and linen management services.

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