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Outsourcing Solutions launches $160 million credit facility
By Sara Rosenberg
New York, May 19 - Outsourcing Solutions Inc. held a bank meeting on Thursday to launch its proposed $160 million credit facility, according to a syndicate document.
Credit Suisse First Boston is the sole lead arranger and sole bookrunner on the deal.
The facility consists of a $15 million five-year revolver with an interest rate of Libor plus 450 basis points and a 50 basis point commitment fee, a $10 million five-year synthetic letter-of-credit facility with an interest rate of Libor plus 450 basis points and a $135 million seven-year term loan B with an interest rate of Libor plus 450 basis points, the document said.
Proceeds will be used to refinance existing debt.
Outsourcing Solutions is a Chesterfield, Mo., accounts receivable management firm.
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