Movie Gallery in $900M financing talks |
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Tue, 20 Feb 2007 14:59
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DOTHAN, Ala. (AP) - Movie rental chain operator Movie Gallery Inc. said Tuesday it is meeting with prospective senior secured lenders in New York City on a $900 million senior secured credit facility.The financing deal will include a $100 million revolving credit facility, $525 million first lien term loan, $25 million synthetic letter of credit facility and $250 million second lien term loan.Proceeds will be used to refinance the company's existing senior secured credit facility, replace existing letters of credit, provide for working capital, pay fees and expenses associated with the transaction and for other general corporate purposes.The transaction is seen closing around March 15. Goldman Sachs Credit Partners LP is acting as sole lead arranger for the deal.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Movie Gallery refinancing senior credit 