Steinway Musical Instruments gets $100 million credit facility

By Sara Rosenberg

New York, Oct. 8 - Steinway Musical Instruments Inc. closed on a new $100 million credit facility due October 2015, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Bank of America, BMO and Wells Fargo acted as the co-lead arrangers on the deal that was completed on Oct. 5, with Bank of America the bookrunner and administrative agent.

Pricing on the facility ranges from Libor plus 175 basis points to 225 bps based on excess borrowing availability, with the initial rate set at Libor plus 175 bps.

Proceeds were used to replace the company's existing credit facility with GMAC Commercial Finance LLC.

Steinway is a Waltham, Mass.-based designer, manufacturer, marketer and distributor of musical instruments.

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