MacAndrews & Forbes may issue bonds as part of funding for M&F merger

By Angela McDaniels

Tacoma, Wash., Sept. 28 - MacAndrews & Forbes Holdings Inc. may issue new bonds as part of the transactions for its acquisition of M&F Worldwide Corp., according to a presentation included in a schedule 13E-3 filing with the Securities and Exchange Commission on Wednesday.

The bonds would be including should MacAndrews decide on a full refinancing of Harland Clarke Holdings' $2.15 billion of debt.

Other sources of funding include $61.5 million of existing cash, a new term loan and sponsor equity.

MacAndrews & Forbes received a commitment for a $250 million senior secured term loan from Deutsche Bank Trust Co. Americas.

MacAndrews & Forbes owns 43% of M&F Worldwide. It plans to acquire the remainder of M&F's stock for $25 per share.

MacAndrews & Forbes is a private holding company with interests in biotechnology, check-related products and services, consumer products, defense, education, entertainment, financial services, gaming and other industries. M&F Worldwide provides checks and related products, direct marketing services and customized business and home office products through its subsidiaries. Both companies are based in New York.

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