LNR Property sets Wednesday launch for $365 million credit facility

By Sara Rosenberg

New York, April 4 - LNR Property LLC has scheduled a bank meeting for Wednesday afternoon to launch its proposed $365 million senior secured credit facility (BB+), according to a market source.

Goldman Sachs & Co. and Bank of America Merrill Lynch are the joint lead arrangers and joint bookrunners on the deal, and Credit Suisse is the documentation agent.

The facility consists of a $325 million term loan B due 2016 and a $40 million revolver due 2014.

Proceeds, along with cash on hand, will be used to refinance existing bank debt.

The refinancing is expected to reduce outstanding corporate debt at the company to $325 million from $350 million.

LNR is a Miami-based diversified real estate, investment, finance and management company.

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