Service King to launch $495 million credit facility on Wednesday

By Sara Rosenberg

New York, Sept. 9 – Service King Collision Repair Centers is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $495 million credit facility, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Macquarie Capital are the leads on the deal.

The facility consists of a $100 million revolver, a $355 million covenant-light term loan B and a $40 million covenant-light delayed-draw term loan, the source said.

Proceeds will be used to help fund the acquisition of a majority stake in the company by Blackstone, while the Carlyle Group, its co-investors and management and employees will retain a significant minority stake in the company.

Closing is expected in the third quarter.

Service King is a Dallas-based operator of a chain of automobile body repair centers.

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