Morgan Stanley and Goldman Sachs are leading a $380 million refinancing for Cellnet that backs a dividend to GTCR Golder Rauner. The bank meeting was Wednesday with a commitment deadline roughly two weeks from then. The facility consists of a five-year, $30 million revolver, a seven-year, $200 million term loan "B" and an eight-year, $150 million second-lien. Prior to the bank meeting more than $100 million in commitments -- primarily from existing lenders but also from some new accounts -- had rolled in, a banker said. Pricing is LIBOR plus 2 3/4% on the first-lien and LIBOR plus 5% on the second-lien.
The new loan also puts cash on the balance sheet and gives funding for a new contract Cellnet just signed, said that banker, who stated that the company has EBITDA of $57 million. Based in Georgia, Cellnet provides automated meter readings of residential, commercial and industrial meters for water, gas and electric. In July 2004, Cellnet management and private equity firm GTCR acquired the business from Atos Origin. Calls to John Lutz, cfo, were not returned.