Adams Outdoor Advertising has tapped Wachovia Securities to lead its $295 million refinancing. The deal comprises a $50 million revolver, $185 million "B" loan and $60 million second-lien loan. The revolver and "B" loan will be priced at LIBOR plus 21/2% and LIBOR plus 23/4%, respectively, while the second lien is priced at LIBOR plus 4%. The company's current facility is priced at LIBOR plus 31/2%.
Syndication launched March 18 and commitments on the "B" loan and second-lien were due March 19, a source familiar with the deal said. Revolver commitments are due in a few weeks, he added. One investor in the credit said he is unsure if he will stay in the deal because "the pricing is getting a little thin." CIBC World Markets was the company's previous lead. Abe Levine, Adams' cfo declined comment on the bank change. Adams specializes in billboard advertising. Wachovia bankers declined comment.