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SNL Financial to launch $205 million credit facility on Wednesday
By Sara Rosenberg
New York, July 26 - SNL Financial LC has scheduled a bank meeting for Wednesday to launch a proposed $205 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The facility consists of a $30 million five-year revolver and a $175 million seven-year covenant-light term loan, the source said.
Price talk on the term loan is Libor plus 600 basis points with a 1.25% Libor floor and an original issue discount of 99, the source said.
The term loan includes 101 soft call protection for one year.
Proceeds will be used to help fund the buyout of the company by New Mountain Capital LLC.
SNL is a Charlottesville, Va.-based provider of sector-focused information services on the banking, financial services, insurance, real estate, energy and media & communications industries.
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