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Atlas Air readies launch of $800 million term loan B for Tuesday
By Sara Rosenberg
New York, Jan. 30 – Atlas Air Worldwide is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch an $800 million first-lien term loan B, according to a market source.
Goldman Sachs Bank USA, Barclays, Apollo Capital Management, Mizuho Bank and Credit Agricole are the arrangers on the deal.
Proceeds will be used to help fund the buyout of the company by Apollo, J.F. Lehman & Co. and Hill City Capital for $102.50 per share in cash. The transaction has an enterprise valuation of about $5.2 billion.
Other funds for the transaction will come from $800 million of other first-lien senior secured debt, the source added.
In filings with the Securities and Exchange Commission last year, the company said it had a commitment for a $300 million revolving credit facility, a $1.6 billion first-lien term loan and up to $3.213 billion of equity to fund the buyout.
Closing is expected this quarter, subject to customary conditions and receipt of regulatory approvals.
Atlas Air is a Purchase, N.Y.-based provider of outsourced aircraft and aviation operating services.
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