SunCal Master I $320 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Nov. 29 - SunCal Master I is scheduled to hold a bank meeting on Wednesday to launch its proposed $320 million credit facility, according to a market source.

Lehman is the lead bank on the deal.

The facility consists of a $75 million three-year revolver, a $160 million four-year term loan and an $85 million five-year second-lien term loan, the source said, adding that price talk is not yet available.

Proceeds will be used primarily to fund a dividend payment and remaining proceeds will be used to repay some existing debt and to fund property development.

SunCal is an Irvine, Calif., developer of master-planned communities.

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