Party City plans to repay credit facilities, notes with IPO proceeds

By Melissa Kory

Cleveland, April 25 - Party City Holdings, Inc. said that it intends to repay debt, including amounts outstanding under its senior credit facilities and its senior subordinated notes, with proceeds from its proposed initial public offering of common stock.

As of Dec. 31, $150.1 million was outstanding under Party City's ABL facility due 2015, $666.6 million was outstanding under its first-lien term loan due 2017 and $175 million of its 8¾% senior subordinated notes due 2014 were outstanding.

Party City is a Rockaway, N.J., party goods chain.

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