Mitchell International to launch $785 million facility on Thursday

By Sara Rosenberg

New York, Sept. 17 - Mitchell International is set to hold a bank meeting on Thursday to launch a $785 million credit facility, according to a market source.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Mizuho Securities USA Inc., KKR Capital Markets, RBC Capital Markets LLC and SMBC are the leads on the deal, with Bank of America the left lead on the first-lien debt and Goldman the left lead on the second-lien debt.

The facility consists of a $50 million five-year revolver, a $490 million seven-year first-lien term loan and a $245 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by KKR from Aurora Capital Group.

Closing is expected in the fourth quarter, subject to customary conditions including regulatory approval.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property & casualty claims and collision repair industries.

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