AAi.FosterGrant $115 million credit facility launches

By Sara Rosenberg

New York, Aug. 2 - Aai.FosterGrant held a bank meeting on Monday afternoon for a proposed $115 million credit facility, according to a market source. Bear Stearns is the sole lead bank on the deal.

The facility consists of a $15 million five-year revolver and a $100 million six-year term loan B, the source said.

Proceeds will be used to help fund the acquisition of Magnivision Inc. from American Greetings Corp. in an all-cash transaction. The credit facility is expected to close in late August.

AAi.FosterGrant is a Smithfield, R.I., eyewear and jewelry company. Magnivision is a reading glasses company.

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