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Prospect News home > News index > List of issuers U > Headlines for U.S.I. Holdings Corp. > News item |
USI sets Wednesday launch for $310 million refinancing deal
By Sara Rosenberg
New York, Feb. 14 - USI Holdings Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $310 million credit facility, according to a market source.
JPMorgan is the lead bank on the deal.
The facility consists of a $100 million revolver and a $210 million term loan B, the source said.
Proceeds will be used to refinance existing bank debt and for general corporate purposes.
On Monday evening, the company had announced that it was planning to refinance its existing $240 million senior secured credit facility with a larger facility that would give it more operating and financial flexibility and longer maturities.
USI is a Briarcliff Manor, N.Y. distributor of insurance and financial products and services to businesses.
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