G&K Services expects to close on $300 million bank loan in mid June

By Sara Rosenberg

New York, May 24 - G&K Services Inc. anticipates closing on a new $300 million credit facility in mid June, according to a syndicate source. Wachovia and Bank One are co-lead arrangers for the deal. Additionally, Wachovia is the syndication agent and Bank One is the administrative agent.

The Minnetonka, Minn. uniform rental agency's loan consists of a $225 million five-year revolver with an interest rate of Libor plus 125 basis points and a $75 million five-year term A with an interest rate of Libor plus 125 basis points, the syndicate source said.

Proceeds will be used to refinance existing debt.

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