OSI Group $700 million credit facility to launch Thursday

By Sara Rosenberg

New York, Aug. 4 - OSI Group is scheduled to hold a bank meeting on Thursday for its proposed $700 million credit facility, according to a market source. Bank of America is the lead bank on the deal.

The facility consists of a $250 million revolver and a $450 million term loan that is talked in the Libor plus 250 basis points context, the source said.

Proceeds will be used for a dividend recap, the source added.

OSI is an Aurora, Ill., food processor and distributor.

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