Adam's Outdoor $285 million credit facility to launch Wednesday

By Sara Rosenberg

New York, March 29 - Adam's Outdoor Advertising LP is scheduled to hold a conference call on Wednesday afternoon to launch its proposed $285 million credit facility to existing lenders only, according to a market source. Wachovia is the sole lead bank on the deal.

The facility consists of a $25 million revolving credit facility and a $260 million term loan B, the source said.

Proceeds will be used to refinance the existing credit facility and take out the existing second-lien term loan with an increase to the first-lien term loan B.

Basically, the syndicate is looking to have existing lenders recommit their pro rata share to the new deal, the source explained. And, a good amount of recommitments have already been "soft circled," the source added.

The existing term loan B that is being refinanced contains pricing of Libor plus 225 basis points. Pricing on the new term loan B is anticipated to come at a tighter level given the company's performance, current market environment and expectation that first-lien ratings of B1/B+ will be affirmed, the source said.

And, Moody's Investors Service did indeed come out with a B1 rating on Tuesday for the new deal.

Adam's Outdoor is an Atlanta-based outdoor advertising company.

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