Advanstar to refinance credit facility with buyout by investment group

By Sara Rosenberg

New York, March 29 - Advanstar Holdings Corp. is planning to refinance its senior credit facility in connection with its acquisition by Veronis Suhler Stevenson, Citigroup Private Equity and New York Life Capital Partners, according to a news release.

In addition, the company will tender for its 15% senior discount notes, 12% senior subordinated notes and 10¾% senior-priority senior secured notes.

The investment group is buying the company from DLJ Merchant Banking Partners III, LP for $1.142 billion in cash.

The transaction is expected to close in the second quarter.

Advanstar is a New York-based media company.

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