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ClubCorp taps five banks for financing to back buyout by Apollo
By Sara Rosenberg
New York, July 10 – ClubCorp plans on getting new debt financing led by Citigroup, Royal Bank of Canada, Barclays, Credit Suisse and Deutsche Bank to help fund its acquisition by Apollo Global Management LLC, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Under the agreement, the company is being bought for $17.12 per share in cash, or about $1.1 billion.
The Apollo Funds have committed to capitalize the company, immediately prior to the closing of the buyout, with an aggregate equity contribution in an amount of up to $675 million.
Closing is expected in the fourth quarter, subject to shareholder approval and other customary conditions.
ClubCorp is a Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs.
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