Spirit Finance plans new credit facility to back buyout by consortium

By Sara Rosenberg

New York, March 13 - Spirit Finance Corp. plans to get a new credit facility to help back its buyout by a consortium that includes Macquarie Bank Ltd., Kaupthing Bank hf. and other independent equity participants, an informed source told Prospect News on Tuesday.

Credit Suisse is the lead bank on the deal.

Under the transaction agreement, the consortium is buying Spirit in a transaction valued at $3.5 billion, including $1.9 billion of assumed debt. Spirit stockholders will get $14.50 per share in cash.

The acquisition is anticipated to close by the end of the third quarter, subject to certain closing conditions, including the approval of Spirit's stockholders and the satisfaction of other customary closing conditions. There is no financing condition.

Spirit is a Scottsdale, Ariz., real estate investment trust focused on single tenant, operationally essential real estate.

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