Oriental Trading to launch new credit facility on July 10

By Sara Rosenberg

New York, June 26 - Oriental Trading Co. is scheduled to hold a bank meeting on July 10 to launch a proposed credit facility, according to a market source.

JPMorgan and Wachovia are the lead banks on the deal.

While no specifics on the credit facility are available, it was heard that the company will be getting a little more than $700 million in financing, including first-lien bank debt, second-lien bank debt and some holding company pay-in-kind paper that will be placed by Wachovia, the source said.

Proceeds from the new debt will be used to help fund The Carlyle Group's leveraged buyout of Oriental Trading from Brentwood Associates.

The transaction is expected to close in the third quarter.

Oriental Trading is an Omaha, Neb., direct marketer of party and school supplies.

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