Angelica floats talk on $185 million facility ahead of Oct. 4 launch

By Sara Rosenberg

New York, Sept. 21 - Angelica Corp. came out with price talk on its proposed $185 million credit facility as the deal is being shown to a few investors right now and will go out for broad syndication with an Oct. 4 bank meeting, according to a market source.

The $35 million five-year revolver and $50 million five-year term loan A are being talked at Libor plus 500 basis points to 525 bps, and the $100 million six-year term loan B is being talked at Libor plus 525 bps to 575 bps, the source said.

The revolver has a 75 bps unused fee, and the term loan B has a 1.75% Libor floor and is being offered at an original issue discount of 98.

Macquarie and Jefferies are the joint lead arrangers on the deal, with Macquarie the left lead.

Proceeds will 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.

Pro forma first-lien/total leverage will be 3.5 times.

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

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