FTD $225 million facility launch tentatively set for Thursday

By Sara Rosenberg

New York, July 7 - FTD Group Inc. is tentatively scheduled to hold a bank meeting on Thursday afternoon to launch its proposed $225 million senior secured credit facility, according to a market source.

Wells Fargo is the lead bank on the deal.

The facility consists of a $75 million revolver and a $150 million term loan B, with price talk still to be determined, the source said.

Proceeds will be used to fund the acquisition of Interflora Holdings Limited for about £66 million, or $121 million at the current foreign currency exchange rate, and to refinance existing FTD bank debt.

FTD's existing senior subordinated notes will remain outstanding.

The acquisition, which is subject to the satisfaction of certain conditions, is expected to close on July 31.

FTD is a Downers Grove, Ill.-based provider of floral services and products. Interflora is a U.K.-based provider of floral-related products and services.

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