MR Processing to launch $80 million credit facility Thursday

By Sara Rosenberg

New York, March 1 - MR Processing is scheduled to hold a bank meeting on Thursday to launch its proposed $80 million credit facility, according to a market source.

Royal Bank of Scotland is the lead bank on the deal.

The facility consists of a $10 million five-year revolver and a $70 million six-year term loan, with both tranches talked at Libor plus 350 basis points, the source said.

Proceeds from the facility, along with $39 million of subordinated mezzanine debt, will be used to fund Great Hill Partners leveraged buyout of the company.

The transaction will be levered at 3.5 times on a senior secured basis.

MR Processing, a Roswell, Ga., provider of outsourced foreclosure and bankruptcy processing services, generated about $75 million of revenue in 2005.

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