Yankee Candle plans new credit facility to back buyout by Madison Dearborn

By Sara Rosenberg

New York, Oct. 25 - The Yankee Candle Co. Inc. plans to obtain a new credit facility to help fund its buyout by Madison Dearborn Partners, LLC, according to a market source.

Lehman and Merrill Lynch are the lead banks on the deal.

Under the purchase agreement, Madison Dearborn will pay $34.75 in cash for each share of Yankee common stock. The total value of the transaction, including assumed debt, is $1.7 billion.

The acquisition, which is expected to close in the first quarter of 2007, is subject to approval by Yankee's shareholders, as well as other customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Yankee is a South Deerfield, Mass., designer, manufacturer, wholesaler and retailer of scented candles.

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