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PetroChoice to launch $365 million credit facility on Thursday
By Sara Rosenberg
New York, July 28 – PetroChoice Holdings Inc. is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a $365 million credit facility, according to a market source.
Barclays, Angel Island and Jefferies Finance LLC are the bookrunners on the deal.
The facility consists of a $40 million five-year revolver, a $235 million seven-year covenant-light first-lien term loan and a $90 million eight-year covenant-light second-lien term loan, the source said.
Proceeds will be used to help fund the buyout of the company by Golden Gate Capital.
First-lien leverage is 4.5 times, and total leverage is 6.2 times, the source added.
PetroChoice is a Ft. Washington, Pa.-based distributor of consumable lubricants and value added lubrication solutions.
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