Monster Parent Closes Deal With New Relationships

  • 20 Apr 2003
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TMP Worldwide has opted for a new $100 million credit facility that is not asset-based, as previous deals have been under lead GMAC Commercial Finance, in order to enhance relationships with banks that can do more non-loan business with the company. Dave Trapani, TMP's treasurer, said the company is interested in tapping other services such as treasury management and foreign currency transactions from new lead lender Fleet National Bank and agent level banks The Royal Bank of Scotland and LaSalle Bank.

He declined to name the other two banks that joined the club deal, but noted that GMAC is no longer involved in the credit. "Part of our strategy was to establish long-term relationships," he said, adding that LaSalle's affiliation with parent ABN Amro will help the New York-based company have wider access to new facilities. An official at GMAC did not return calls for comment. Trapani said Fleet had been involved with TMP's past credits, pointing to its selection as the new lead bank.

The three-year, secured revolver replaces TMP's previous five-year, $185 million revolver and will be used for ongoing working capital and other corporate purposes. Trapani noted the line will also be used to refinance some letters of credit. Trapani would not disclose pricing details until they are made public next month, but he stated that the deal's structure resembles that of the previous credit. Pricing on the old deal was in the LIBOR plus 1/2% range. TMP, parent company of the global career Web site company Monster, operates in five business segments including the Monster division. The company also runs the world's largest Yellow Pages advertising agency.

  • 20 Apr 2003

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