Inmar readies launch of $505 million credit facility for Wednesday

By Sara Rosenberg

New York, Jan. 7 - Inmar Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $505 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and BNP Paribas Securities Corp. are the lead banks on the deal.

The facility consists of a $50 million five-year revolver, a $350 million seven-year first-lien covenant-light term loan and a $105 million eight-year second-lien covenant-light term loan, the source said.

Price talk on the first-lien term loan is Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99, and talk on the second-lien loan is Libor plus 750 bps with a 1% Libor floor and a discount of 99, the source continued.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due on Jan. 22, the source added.

Proceeds will be used to help fund the buyout of the company by ABRY Partners from New Mountain Capital.

Inmar is a Winston-Salem, N.C.-based provider of tech enabled promotion and inventory, logistics and settlement services.

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