Pac-Van gets $85 million senior secured credit facility led by PNC

By Sara Rosenberg

New York, July 22 - Pac-Van Inc. closed on a new $85 million 21/2-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

PNC acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on July 16.

Pricing on the revolver is Libor plus 375 basis points.

Financial covenants include fixed-charge coverage ratios, senior leverage ratios and utilization ratios.

Proceeds from the revolver, along with a $15 million senior subordinated note and a rights offering, were used to repay in full the company's existing bank debt and $25 million of senior subordinated notes.

Pac-Van is an Indianapolis-based provider of portable storage, modular buildings and mobile offices.

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