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Advanstar to repay and terminate term loans, repay revolver with $400 million note sale
By Sara Rosenberg
New York, July 22 - Advanstar Communications Inc. plans to repay and terminate all its outstanding term loans and repay its revolver borrowings with proceeds from a notes offering.
Furthermore, in connection with the notes transaction, the company is amending its credit facility to, among other things, permit the offering, eliminate the leverage ratio and reduce revolver commitments to $60 million from $80 million.
The company launched a private placement of approximately $400 million aggregate principal amount of second priority senior secured notes, according to a news release. The notes will be secured by second priority liens on substantially all the collateral securing the company's credit facility.
Advanstar is a Boston provider of business-to-business marketing services.
Mandalay Resort to repay revolver debt with $250 million note sale
New York, July 22 - Mandalay Resort Group plans to repay part of the borrowings under its revolver with proceeds from a $250 million senior unsecured notes offering.
Subject to customary conditions, the transaction is expected to close on July 31.
Mandalay is a Las Vegas hotel-casino operator.
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