Van Wagner gets $50 million add-on term loan for Fuel Outdoor purchase

By Sara Rosenberg

New York, Nov. 15 - Van Wagner Communications LLC used the accordion under its existing credit facility to get a $50 million add-on term loan for its acquisition of Fuel Outdoor Holdings LLC, according to a market source.

Barclays led the add-on term loan that is priced at Libor plus 700 basis points with a 1.25% Libor floor, in line with existing term loan pricing, the source said.

The company held a conference call on Thursday to update lenders on the acquisition and the completed add-on loan, the source said.

Van Wagner is a out-of-home advertising company. Fuel is a New York-based outdoor advertising company.

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