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Harvard Drug $380 million facility includes $35 million revolver
By Sara Rosenberg
New York, Sept. 19 - Harvard Drug Group LLC's proposed $380 million credit facility (B+) will include a $35 million five-year revolver in addition to a $345 millions even-year term loan B, according to a market source.
Of the total term B amount, $45 million is available on a delayed-draw basis, the source said.
Morgan Stanley & Co. and Deutsche Bank Securities Inc. are the joint lead arrangers and bookrunners on the deal that will launch with a bank meeting on Thursday morning.
Proceeds will be used to refinance debt and finance the acquisition of the Rugby Group Inc. and another company.
Harvard Drug is a Livonia, Mich.-based independent pharmaceutical distributor.
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