Steinway gets $110 million amended and restated revolver

By Sara Rosenberg

New York, Oct. 4 - Steinway Musical Instruments, Inc. closed on a $110 million amended and restated revolving credit facility due Sept. 2011, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

GMAC Commercial Finance LLC is the administrative agent on the deal.

Pricing on the revolver can range from Libor plus 125 to 175 basis points, depending on availability.

At close, on Sept. 29, the company borrowed $14 million under the revolver, which was used with cash on hand to repay the existing $14.6 million term loan on Steinway Hall.

Steinway is a Waltham, Mass.-based maker of musical instruments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.