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World Kitchen nets $220 million credit facility
By Sara Rosenberg
New York, May 18 - World Kitchen LLC has wrapped a $220 million credit facility that is being used for a dividend recapitalization, according to a market source.
Merrill Lynch is the lead bank on the deal.
The facility consists of an $80 million five-year ABL revolver (B1/BB-) with an interest rate of Libor plus 175 basis points and a $140 million six-year term loan (B3/B) with an interest rate of Libor plus 325 bps, the source said.
Proceeds are being used to fund a $30 million dividend and refinance existing bank debt.
World Kitchen is a Reston, Va.-based kitchenware and tableware company.
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