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Wastequip to launch $190 million credit facility on Wednesday
By Sara Rosenberg
New York, May 21 - Wastequip LLC is set to hold a bank meeting on Wednesday to launch a proposed $190 million senior secured credit facility, according to a market source.
Goldman Sachs & Co. is the lead bank on the deal.
The facility consists of a $40 million revolver (Ba2/BB-) and a $150 million term loan B (B3/BB-), the source said.
Proceeds will be used to fund a recapitalization under which first-lien lenders are expected to get a roughly 90% equity stake in the company.
Wastequip is a Charlotte, N.C.-based manufacturer of waste handling equipment and recycling equipment.
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