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Coinstar closes on $90 million credit facility via Bank of America
By Sara Rosenberg
New York, April 19 - Coinstar Inc. announced the close of its $90 million senior secured credit facility.
Bank of America NA was lead arranger and administrative agent. Other banks in the syndicate include US Bank, Silicon Valley Bank, Key Bank and Comerica Bank.
The loan consists of a $40 million three-year term loan with an interest rate of Libor plus 225 basis points and a $50 million three-year revolver with an interest rate of Libor plus 225 basis points.
Proceeds will be used to pay off the remaining $36 million of Coinstar's 13% senior subordinated discount notes on May 21, 2002 and an existing $15.5 million senior loan.
Because of "strong demand for the deal, the credit facilities were increased from an originally planned $75 million to $90 million," said Jim Fink, managing director of Banc of America Securities, in a news release.
"We were able to secure attractive terms that give us the flexibility we need to operate the business effectively, retire the remaining high-yield debt, and reduce interest expense," added Diane Renihan, chief financial officer of Coinstar.
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