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Avison Young to launch $385 million credit facilities on Tuesday
By Sara Rosenberg
New York, Feb. 11 – Avison Young Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch $385 million of credit facilities (B2/B), according to a market source.
Credit Suisse Securities (USA) LLC, CIBC and Bank of America Merrill Lynch are the lead arrangers on the deal.
The facilities consist of a $60 million revolver and a $325 million seven-year covenant-light first-lien term loan, the source said.
The term loan has a 0% Libor floor and 101 soft call protection for six months.
Commitments are due at 5 p.m. ET on Feb. 26, the source added.
Proceeds will be used to help fund the recently completed acquisition of GVA, a U.K.-based real estate advisory business.
Avison Young is a Toronto-based commercial real estate services firm.
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