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Hudson Group expected to launch $295 million first-lien credit facility late next week
By Sara Rosenberg
New York, Jan. 16 - Hudson Group is anticipated to hold a bank meeting late next week to launch its proposed $295 million first-lien credit facility, according to a market source.
CIT Group is the lead bank on the deal.
The facility consists of a $60 million revolver and a $235 million first-lien term loan, the source said.
In addition, the company is getting a $125 million second-lien term loan that is being led by hedge fund Magnetar and is already spoken for, the source added.
Previously, it was known that the deal would be late-January business and that the first-lien facility would carry a total size of roughly $300 million, but specifics had been unavailable.
Proceeds will be used to help fund Advent International's buyout of the company.
Hudson Group is an East Rutherford, N.J.-based travel retail specialist that operates more than 550 newsstands, bookstores, cafes and specialty retail shops in 69 airports and transportation terminals.
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