School Specialty LBO package includes $525 million senior and subordinated bridge facilities

By Paul A. Harris and Sara Rosenberg

St. Louis, Aug. 3 - The financing package for Bain Capital Partners LLC's leveraged buyout of School Specialty Inc. contains $525 million in senior unsecured and senior unsecured subordinated bridge facilities, according to documents recently filed with the Securities and Exchange Commission.

The package also contains a $665 million senior secured credit facility via JP Morgan and Bank of America that is expected to launch in September.

Also included are up to $150 million of pay-in-kind loans under a senior unsecured subordinated bridge facility, a $175 million trade receivables commercial paper co-purchase conduit facility and $460 million in equity financing from Bain.

School Specialty is a Greenville, Wis., education company.

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