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Orchard Supply launches $330 million credit facility
By Sara Rosenberg
New York, Dec. 5 - Orchard Supply Hardware Corp. held a bank meeting on Tuesday to launch its proposed $330 million credit facility, according to a market source.
JPMorgan and Goldman Sachs are the lead banks on the deal.
The facility consists of an amended $130 million asset-based revolver and a $200 million term loan B talked at Libor plus 300 basis points, the source said.
Proceeds from the term loan B will be used to fund the repayment of a $200 million seller note held by parent company Sears Holdings Corp.
Orchard Supply is a San Jose, Calif.-based operator of home centers.
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