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Strategic Partners to launch $205 million credit facility on Monday
By Sara Rosenberg
New York, July 28 - Strategic Partners is scheduled to hold a bank meeting on Monday to launch its proposed $205 million credit facility, according to sources.
Credit Suisse and Bank of America are the lead banks on the deal.
The facility consists of a $30 million revolver and a $175 million term loan, sources said.
Proceeds, along with $75 million of mezzanine debt, will be used to help fund the buyout of the company by BAML Capital.
Leverage through the credit facility is 3.3 times and total leverage is 4.6 times.
Strategic Partners is a Chatsworth, Calif.-based designer and manufacturer of medical, school and footwear uniforms.
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