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Muzak uses new term loan proceeds to buy back 13% notes
New York, May 12 - Muzak LLC (Caa3/CCC+) said that it had amended its existing senior credit facility to include $35 million term loan facility, and had used the proceeds of the term loan to repurchase $32.5 million outstanding principal amount of the company's 13% senior discount notes due 2010 and to pay associated expenses. $75 million of the discount notes had been issued in March 1999.
Muzak, a Fort Mill, S.C. based provider of recorded music systems, said that the transaction will reduce its overall interest costs by some $2 million annually.
The term loan facility will rank pari passu with Muzak's existing revolving loan and will mature on Nov. 20, 2008.
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