MR Default Services launches $150 million credit facility

By Sara Rosenberg

New York, Feb. 27 - MR Default Services, formerly known as MR Processing, held a bank meeting on Tuesday to launch a proposed $150 million senior credit facility, according to a market source.

RBS Securities is the lead arranger and bookrunner on the deal.

The facility consists of a $10 million revolving credit facility, a $110 million term loan B and a $30 million delayed-draw term loan, with all tranches talked at Libor plus 325 basis points, the source said.

The capital structure also has $55 million of mezzanine debt.

Leverage is 3.0 times senior and 5.1 times total.

Proceeds will be used to refinance exiting debt and to fund acquisitions.

MR Default is a Roswell, Ga., provider of outsourced foreclosure and bankruptcy processing services. Great Hill Partners is the sponsor.

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