The credit comprises a six-year, $25 million revolver and seven-and-a-half year, $75 million "B" loan. "[The credit is] similar to the amount that we used to finance the business when we recapitalized it 18 months ago," Gilligan noted. The revolver is being offered at LIBOR plus 3%, while the term loan is going out at LIBOR plus 3 1/4%.
Bank of America led the previous credit, but Wachovia Securities is leading the new deal. Gilligan said the bank was chosen through "the normal process of going through discussions with different groups and Wachovia had a very compelling proposal." He declined to comment on the other proposals. Ed Vozzella, Enterprise's senior controller, did not return calls. A B of A spokeswoman and Wachovia bankers declined comment.