Guitar Center to pay down term loan borrowings with notes proceeds

By Sara Rosenberg and Paul A. Harris

New York, March 25 - Guitar Center Inc. plans on repaying its term loan in full using proceeds from $940 million of bonds, according to a market source.

Remaining proceeds will be used to redeem a portion of the company's 11½% senior notes due 2017.

Guitar Center is a Westlake Village, Calif.-based retailer of music products.

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