Angelica decides to remove $185 million credit facility from market

By Sara Rosenberg

New York, Oct. 29 - Angelica Corp. has pulled its $185 million credit facility (B2/B+) that was going to be used to fund a $35 million dividend payment to the sponsor, Trilantic Capital Partners, and to completely refinance an existing credit facility and mezzanine debt, according to a market source.

Macquarie and Jefferies were acting as the joint lead arrangers on the deal, with Macquarie the left lead.

The credit facility consisted of a $35 million five-year revolver, a $50 million five-year term loan A and a $100 million six-year term loan B.

The revolver and the term loan A had been talked at Libor plus 500 basis points to 525 bps, and the term loan B had been talked at Libor plus 525 bps to 575 bps, with all tranches having a 1.75% Libor floor. The revolver had a 75 bps unused fee.

Also, the term loan A and the term loan B were being offered at an original issue discount of 98.

Angelica is a St. Louis-based provider of outsourced linen management services to the health care industry.

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