Harry & David gets $125 million revolver

By Sara Rosenberg

New York, March 22 - Harry & David Operations Corp. closed on a new $125 million senior secured revolving credit facility due March 20, 2011, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

UBS acted as the lead arranger and is the administrative agent on the deal.

Borrowings under the revolver can carry an interest rate anywhere from Libor plus 150 to 200 basis points, based on leverage, and there is a 37.5 bps commitment fee.

The new revolver, which was completed on Monday, replaces the company's $125 million amended and restated credit facility that was scheduled to expire on Feb. 25, 2010.

Compared to the prior agreement, the new revolver provides, among other things, improved interest rates on borrowings, a lower commitment fee and fewer financial covenants.

Harry & David is a Medford, Ore.-based direct marketing and e-commerce company.

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