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Asurion $980 million credit facility to launch Wednesday
By Sara Rosenberg
New York, July 25 - Asurion Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $980 million credit facility, according to a market source.
Bank of America, Goldman Sachs and Merrill Lynch are the lead banks on the deal, with Bank of America the left lead.
The facility consists of a $75 million revolver talked at Libor plus 275 basis points, a $740 million first-lien term loan B talked at Libor plus 275 bps and a $165 million second-lien term loan talked at Libor plus 625 bps, the source said.
Proceeds will be used to refinance existing debt and fund a $680 million dividend payment.
Asurion is a Nashville, Tenn., provider of mobile protection services for the wireless telecommunications industry.
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