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Gander Mountain to repay revolver debt with IPO proceeds
By Sara Rosenberg
New York, Feb. 5 - Gander Mountain Co. plans to repay some of its outstanding revolver debt with a portion of the proceeds from its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission on Thursday.
Remaining proceeds from the IPO will be used to repay two promissory notes in the amount of $9.9 million that is owed to Holiday Cos.
The company's $175 million revolver matures on June 30, 2007 and carries an interest rate of Libor plus 175 to 250 basis points depending on EBITDA. Fleet Retail Finance is the lead bank on the loan.
As of Nov. 1, 2003, there were $111.6 million drawn under the revolver, according to the filing.
Gander Mountain is a Bloomington, Minn., operator of sporting goods stores.
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