Miller Heiman to launch $273 million credit facility on Wednesday

By Sara Rosenberg

New York, Aug. 29 - Miller Heiman is scheduled to hold a bank meeting on Wednesday morning to launch a $273 million credit facility, according to a market source.

GE Capital Markets and BMO Capital Markets are the joint leads on the deal, with GE the left lead. BMO is also the syndication agent.

The facility consists of a $40 million five-year revolver and a $233 million six-year term loan B, the source said.

Price talk on the term loan B is Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, the source continued.

The B loan has 101 soft call protection for six months.

Proceeds will be used to help fund the acquisition of IPI.

Other funds for the transaction will come from $65 million of subordinated PIK notes, the source added.

Miller Heiman is a Denver-based provider of corporate sales training.

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