FTD plans $130 million term loan for purchase of Provide Commerce

By Sara Rosenberg

New York, July 30 – FTD Cos. Inc. has received a commitment for a new $130 million term loan to help fund its acquisition of Liberty Interactive Corp.’s Provide Commerce floral and gifting businesses, company officials said in a conference call on Wednesday.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Other funds for the $430 million transaction will come from 10.2 million shares issued to Liberty, valued at $30.24 per share, and $9 million in cash on hand.

Closing is targeted by the end of the year, subject to regulatory and stockholder approvals and other customary conditions.

Pro forma net leverage will be around 3 times, officials added in the call.

FTD is a Downers Grove, Ill.-based floral and gifting company.

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