Peach to launch $335 million credit facility Tuesday

By Sara Rosenberg

New York, Oct. 18 - Peach Holdings Inc. is scheduled to hold a bank meeting in New York on Tuesday to launch its proposed $335 million senior credit facility, according to a market source.

Bear Stearns is the lead bank on the deal.

The facility consists of a $300 million term loan B and a $35 million revolver, the source said, adding that price talk is not yet available.

Proceeds from the facility will be used to fund the acquisition of Peach by Orchard Acquisition Co., an affiliate of DLJ Merchant Banking Partners.

Peach is a Boynton Beach, Fla., specialty factoring company that purchases high-quality deferred payment obligations.

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