Merrill Communications to launch $420 million credit facility Tuesday

By Sara Rosenberg

New York, Feb. 15 - Merrill Communications LLC is scheduled to hold a bank meeting in New York at 2:30 p.m. ET on Tuesday to launch a $420 million five-year credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Imperial Capital are the joint bookrunners on the deal.

The facility consists of a $30 million super-priority revolver and a $390 million first-lien term loan, the source said.

The term loan has a 1.25% Libor floor.

Covenants include maximum leverage and interest coverage ratios.

Proceeds will be used to refinance existing debt.

Commitments are due on March 1, the source added.

Merrill is a St. Paul, Minn.-based provider of technology-enabled services for the financial, legal, health care, real estate and other corporate markets.

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