Feb. 13 (Bloomberg) -- Telx Group Inc., the data center operator that was acquired by Abry Partners LLC and Berkshire Partners LLC, is seeking a $75 million term loan to refinance debt, according to a person with knowledge of the transaction.
Morgan Stanley and Toronto-Dominion Bank are arranging the financing and will host a lender call today at 2:30 p.m. in New York, the person said.
Proceeds will be used to repay Telx’s existing $50 million revolving line of credit due in Sept. 2016 and for general corporate purposes, said the person, who declined to be identified because the terms are private.
Abry and Berkshire purchased the New York-based company company from GI Partners LLC for an undisclosed amount in Sept. 2011, according to data compiled by Bloomberg.
Chris Downie, chief financial officer of Telx, didn’t immediately respond to an e-mail seeking comment.
In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.
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