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Amscan to launch $575 million credit facility on Thursday
By Sara Rosenberg
New York, May 1 - Amscan Holdings Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $575 million credit facility, according to a market source.
Credit Suisse, Bank of America and Lehman Brothers are the lead banks on the deal.
The facility consists of a $150 million five-year asset-based revolver talked at Libor plus 125 basis points and a $425 million six-year term loan talked at Libor plus 250 bps, the source said.
Proceeds will be used to refinance existing debt. The refinancing is expected to lower the company's overall cost of debt and improve its financial flexibility.
The deal is expected to close in May.
Amscan is an Elmsford, N.Y., designer, manufacturer and distributor of party goods.
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