HIT Entertainment to sell $172 million eight-year notes

By Paul A. Harris and Sara Rosenberg

St. Louis, July 8 - HIT Entertainment plans to sell $172 million of eight-year senior subordinated notes, according to a market source.

The company is also in the bank loan market with a proposed $453 million credit facility via Merrill Lynch and Deutsche Bank. The bank meeting is scheduled to take place Wednesday.

Proceeds will be used to help fund Apax Partners' leveraged buyout of HIT Entertainment.

The prospective issuer is a London-based producer of children's television programming, including "Barney and Friends" and "Bob the Builder."

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