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Milestone AV to get new credit facility to fund purchase of Da-Lite
By Sara Rosenberg
New York, March 30 - Milestone AV Technologies plans on using a new credit facility to fund the acquisition of Da-Lite Screen Co., according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
The merger consideration is based on a purchase price of $202.5 million, less debt and as adjusted for working capital, net cash and certain other items.
The transaction is expected to close within the next 30 days and will trigger a change of control under Da-Lite's $94.2 million 12½% senior notes due 2015, so holders will be offered a right to sell their notes back to Da-Lite subsequent to closing at a price of 101.
Also, Da-Lite is required on or before April 1 to make a free cash flow offer to purchase a portion of the notes at a price of 103.
Milestone is a Savage, Minn.-based manufacturer of AV mounting and display services. Da-Lite is a Warsaw, Ind.-based manufacturer of commercial and residential projection screens.
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