Harrington Holdings $270 million credit facility to launch Nov. 30

By Sara Rosenberg

New York, Nov. 21 - Harrington Holdings Inc. is scheduled to hold a bank meeting on Nov. 30 in New York to launch its proposed $270 million credit facility, according to a market source.

UBS and National City are joint lead arrangers on the deal, with UBS acting as bookrunner. UBS is also administrative agent and National City is syndication agent.

The facility consists of a $45 million six-year revolver talked at Libor plus 250 basis points, a $165 million seven-year first-lien term loan talked at Libor plus 250 bps and a $60 million 71/2-year second-lien term loan talked at Libor plus 600 bps, the source said.

The second-lien loan contains call premiums of 102 in year one and 101 in year two, the source added.

Proceeds from the credit facility, along with $205 million of equity, will be used to help fund the acquisition of Harrington by The Jordan Co.

Harrington is a Twinsburg, Ohio, multi-channel marketer and distributor of health care products to managed care beneficiary, home care supply, alternate site health care providers and professional customers.

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