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Guitar Center to repay ABL and term DIP borrowings with note proceeds
By Sara Rosenberg
New York, Dec. 7 – Guitar Center Inc. plans on repaying its ABL and term loan debtor-in-possession facilities using proceeds from a $335 million senior secured notes offering, according to a market source.
Remaining proceeds from the notes and restructuring transactions will be used to repay $42 million of superpriority notes, to pay the cash portion of the consideration holders of the existing secured notes will receive in settlement of their claims, to pay related fees, interest and expenses, and for general corporate purposes.
Guitar Center is a Westlake Village, Calif.-based retailer of music products and services. The company filed bankruptcy on Nov. 21 in the U.S. Bankruptcy Court for the Eastern District of Virginia under Chapter 11 case number 20-34656.
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