Michael Baker to launch $360 million credit facilities on Thursday

By Sara Rosenberg

New York, Nov. 1 – Michael Baker International LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $360 million of credit facilities, according to a market source.

Jefferies LLC, SunTrust Robinson Humphrey Inc. and Citizens Bank are the bookrunners on the deal.

The facilities consist of a $110 million 4.5-year ABL revolver and a $250 million five-year senior secured first-lien term loan, the source said.

Proceeds will be used to refinance existing debt and to fund a distribution to SC3 shareholders in connection with the previously announced sale of SC3.

The company also plans on issuing notes.

Michael Baker is a Pittsburgh-based provider of engineering, development, intelligence and technology solutions.

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