Reader's Digest in-market with $385 million credit facility

By Sara Rosenberg

New York, May 6 - The Reader's Digest Association Inc. is in-market with a $385 million credit facility, according to a market source. JPMorgan is the lead bank on the deal.

The facility, which launched late last week to favorable market reception, consists of a $200 million 31/2-year term loan A with an interest rate of Libor plus 200 basis points and a $185 million four-year term loan B with an interest rate of Libor plus 225 basis points, according to the source.

Proceeds will be used to refinance existing debt.

Reader's Digest is a Pleasantville, N.Y., publisher and direct marketer.

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