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Fender to launch $300 million credit facility on May 8
By Sara Rosenberg
New York, May 1 - Fender Musical Instruments Corp. is scheduled to hold a bank meeting on May 8 to launch its proposed $300 million credit facility, according to a market source.
JPMorgan and Goldman Sachs are the lead banks on the deal, with JPMorgan the left lead.
The facility consists of a $100 million ABL revolver and a $200 million covenant-light term loan that is talked at Libor plus 250 basis points, the source said.
Proceeds will be used to refinance existing debt.
Fender is a Scottsdale, Ariz., maker of instruments.
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