RC2 plans $325 million credit facility

By Sara Rosenberg

New York, June 23 - RC2 Corp. is planning on getting a new $325 million senior secured credit facility (Ba2), company officials said in a conference call Monday.

Bank of Montreal is the lead bank on the deal.

The facility will have a term loan and revolver structure, officials added in the call.

Proceeds will be used to fund the acquisition of Children's Publishing Division from Publications International Ltd. for $163 million in cash.

Net debt to EBITDA will be less than 3.0 times at closing.

The acquisition is expected to close in July, subject to regulatory approvals and other customary closing conditions.

RC2 is an Oak Brook, Ill., designer, producer and marketer of toys, collectibles, and infant and toddler products. Children's Publishing is a Lincolnwood, Ill., children's book publisher.

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