Advanstar sets Wednesday launch for $835 million credit facility

By Sara Rosenberg

New York, May 8 - Advanstar Holdings Corp. has scheduled a bank meeting for Wednesday to launch its proposed $835 million credit facility, according to a market source.

Credit Suisse and Barclays Capital are the lead banks on the deal.

The facility consists of a $515 million first-lien term loan, a $75 million revolver and a $245 million second-lien term loan.

In addition, the company is also planning on getting a $75 million holdco PIK loan.

Proceeds will be used to help fund the buyout of the company by Veronis Suhler Stevenson, Citigroup Private Equity and New York Life Capital Partners from DLJ Merchant Banking Partners III, LP for $1.142 billion in cash.

In addition to help fund the acquisition, the credit facility will be used to refinance the company's senior credit facility and tender for its 15% senior discount notes, 12% senior subordinated notes and 10¾% senior-priority senior secured notes.

Advanstar is a New York-based media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.