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Saga plans £200 million term loan, £100 million revolver
By Sara Rosenberg
New York, May 10 – Saga plc intends to get £300 million in five-year credit facilities, split between a £200 million term loan and a £100 million revolver, according to a news release.
HSBC Bank plc, Mizuho Bank Ltd. and the Royal Bank of Scotland plc are the mandated bookrunners on the deal and lead arrangers with Barclays Bank plc.
Proceeds will be used to refinance the company’s existing bank facilities due April 2019 and for general corporate purposes.
Other funds for the transaction will come from £250 million in seven-year senior unsecured bonds.
Saga is a U.K. specialist in products and services for life after 50.
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