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Otis Spunkmeyer to hold bank meeting Wednesday for a $140 million credit facility
By Sara Rosenberg
New York, July 22 - Otis Spunkmeyer Inc. is scheduled to hold a bank meeting Wednesday regarding a new $140 million senior secured credit facility, according to market sources. Merrill Lynch and JPMorgan Chase are the lead banks on the deal.
The San Leandro, Calif. cookie company's loan consists of a $20 million six-year revolver with an interest rate of Libor plus 300 basis points and a $120 million 6½ year term loan B with an interest rate of Libor plus 350 basis points, according to market sources.
Proceeds will be used to help fund the leveraged buyout by Code Hennessy & Simmons.
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