Harbor Freight Tools to launch $775 million facility on Thursday

By Sara Rosenberg

New York, Nov. 30 - Harbor Freight Tools is scheduled to hold a bank meeting on Thursday to launch its proposed $775 million credit facility, according to a market source.

Barclays is the lead bank on the deal.

The facility consists of a $25 million revolver and a $750 million term loan, the source said.

Proceeds will be used to refinance an existing term loan and fund a distribution to shareholders.

Leverage will be in the mid-2s, the source added.

Harbor Freight Tools is a Camarillo, Calif.-based tool and equipment catalog retailer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.