Veridian to hold bank meeting on April 2 for new $200 million credit facility via Wachovia

By Sara Rosenberg

New York, March 22 - Veridian Corp. is scheduled to hold a bank meeting on April 2 for its new $200 million senior secured credit facility. Wachovia is sole lead and administrative agent for the deal.

The new credit facility is divided into a $70 million revolver and a $130 million term B tranche. The revolver matures in five years and has an interest rate of Libor plus 275 basis points. The term matures in six years and has an interest rate of Libor plus 350 basis points.

According to syndicate sources, the credit facility is expected to close during mid-May.

Proceeds from the loan will be used to refinance existing debt, fund working capital needs and for other general corporate purposes.

Moody's Investors Service rates the facility Ba3 and Standard and Poor's rates it BB-.

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