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Benchmark Medical launches $135 million credit facility
By Sara Rosenberg
New York, April 11 - Benchmark Medical Inc. held a bank meeting on Wednesday to launch its proposed $135 million credit facility, according to a market source.
General Electric Capital Corp. is the lead bank on the deal.
The facility consists of a $20 million revolver talked at Libor plus 350 basis points, an $80 million first-lien term loan talked at Libor plus 350 bps and a $35 million second-lien term loan talked at Libor plus 700 bps, the source said.
The second-lien term loan carries call protection of 102 in year one and 101 in year two.
Proceeds will be used to refinance existing debt.
Benchmark Medical is a Malvern, Pa., provider of outpatient physical rehabilitation services.
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