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Auction.com to launch $120 million credit facility on Wednesday
By Sara Rosenberg
New York, March 21 - Auction.com is scheduled to hold a bank meeting on Wednesday to launch a proposed $120 million five-year credit facility, according to a market source.
SunTrust Robinson Humphrey Inc. is the lead bank on the deal.
The facility consists of a $10 million revolver and a $110 million term loan, and both tranches are talked at Libor plus 450 basis points to 500 bps with a 1.5% Libor floor and an original issue discount of 99 to 991/2, the source said.
Proceeds will be used to refinance existing debt and to fund a dividend payment.
Leverage is roughly 2 times.
Auction.com is an Irvine, Calif.-based real estate auction firm.
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