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IMG Worldwide to launch $2.45 billion credit facility on Wednesday
By Sara Rosenberg
New York, Feb. 24 - IMG Worldwide Holdings Inc. is scheduled to hold a bank meeting on Wednesday to launch a $2.45 billion credit facility, according to a market source.
J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.
The facility consists of a $100 million revolver, a $1.9 billion seven-year first-lien term loan and a $450 million eight-year second-lien term loan, the source said.
Proceeds will be used to help fund the acquisition of IMG by Silver Lake Partners and William Morris Endeavor Entertainment LLC from Forstmann Little & Co. and to refinance existing debt.
IMG is a New York-based sports, fashion and media business.
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