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Alimentation Couche-Tard credit facility to launch Thursday
By Sara Rosenberg
New York, Nov. 19 - Alimentation Couche-Tard Inc. is scheduled to hold a bank meeting on Thursday for a proposed credit facility (Ba2) that contains both U.S. and Canadian tranches, according to a market source. Scotia Capital, CIBC World Markets and National Bank of Canada are the lead banks on the deal.
The facility consists of a $150 million five-year revolver (available in both Canadian and U.S. dollars), a $280 million seven-year term loan B and a C$365 million term loan. All three tranches are priced with an interest rate of Libor plus 300 basis points, the source said.
Proceeds from the term loans will be used to help fund the previously announced acquisition of The Circle K Corp. from ConocoPhillips for a net price of $830 million, including assumed debt of $9.1 million. The transaction is expected to close in December.
The revolver will be used for working capital purposes.
Couche-Tard is a Canadian-based convenience store operator.
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