Neff credit facility expected to launch in early May

By Sara Rosenberg

New York, April 16 - Neff Corp.'s proposed credit facility is anticipated to launch with a bank meeting sometime in the early May timeframe, according to a market source.

Bank of America, UBS, CIBC and General Electric Capital Corp. are the lead banks on the deal, with Bank of America the left lead.

Proceeds will be used to help fund Lightyear Capital LLC's acquisition of the company from Odyssey Investment Partners.

According to a previous filing with the Securities and Exchange Commission, as a condition of the acquisition, the total debt financing commitment must total $732.5 million.

In addition to help fund the buyout, the new debt will be used to repay the company's existing debt, including its 11¼% second-priority senior secured notes due 2012, its 13% senior subordinated notes due 2013 and its ABL credit facility

Neff is a Miami-based construction equipment rental company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.