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Meow Mix $215 million credit facility to launch Thursday
By Sara Rosenberg
New York, June 15 - The Meow Mix Co. is scheduled to hold a bank meeting on Thursday to launch its proposed $215 million credit facility, according to a market source.
UBS and Lehman are the lead banks on the deal, with UBS the left lead.
The facility consists of a $25 million five-year revolving credit facility talked at Libor plus 300 to 325 basis points and a $190 million six-year first-lien term loan talked at Libor plus 300 to 325 bps, the source said.
Proceeds will be used for a recapitalization. Essentially, through this deal, the Secaucus, N.J., dry cat food company is moving to an all first-lien loan structure compared to the first- and second-lien loan structure that is in place.
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