MacAndrews & Forbes gets commitment for $250 million term loan

By Angela McDaniels

Tacoma, Wash., Sept. 28 - MacAndrews & Forbes Holdings Inc. received a commitment for a $250 million senior secured term loan from Deutsche Bank Trust Co. Americas.

The commitment was received on Sept. 9. and was extended to March 31, 2012 from Dec. 31 on Monday, according to a schedule 13E-3 filed with the Securities and Exchange Commission on Wednesday.

The tenor of the facility will be 23 months.

The interest rate will be Libor plus 250 basis points. The facility fee is $1 million. The usage fee is 50 bps.

Quarterly amortization payments are due beginning six months after the facility closes. The first payment will be $25 million, the second payment will be $50 million and the remaining payments will be $35 million.

MacAndrews & Forbes owns 43% of M&F Worldwide Corp. It will use the proceeds of the term loan to fund its acquisition of M&F's remaining 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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