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Lifetime Brands buys down $47.2 million of term loan debt at 95
By William Gullotti
Buffalo, N.Y., June 9 – Lifetime Brands Inc. completed repurchasing $47.2 million of its first-lien term loan debt due Feb. 28, 2025 via a Dutch reverse auction tender on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
The repurchase price was $95 per $100 of principal, and the transaction was funded using available cash and cash equivalents.
Following the repurchase, Lifetime’s outstanding principal dropped to $198.7 million from $249.5 million. The company’s estimated gain on the repurchase was $2.4 million before fees and expenses.
As previously reported, JPMorgan Chase Bank was the lead on the deal.
Lifetime Brands is a Garden City, N.Y.-based provider of kitchenware, tableware and other products used in the home.
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