Reader's Digest to launch $400 million revolver Wednesday

By Sara Rosenberg

New York, March 18 - Reader's Digest Association Inc. is scheduled to hold a bank meeting Wednesday to launch its proposed $400 million revolving credit facility, according to a market source.

JPMorgan is the administrative agent on the deal, and Royal Bank of Scotland is the syndication agent.

The revolver is talked at Libor plus 125 basis points and has a commitment fee of 25 basis points, the source said.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Reader's Digest is a Pleasantville, N.Y., publishing and direct marketing company.

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