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Rinker Boat $175 million credit facility to launch Friday
By Sara Rosenberg
New York, Oct. 11 - Rinker Boat Co. is scheduled to hold a bank meeting on Friday to launch its proposed $175 million credit facility, according to a market source.
JPMorgan and General Electric Capital Corp. are the lead banks on the deal.
The facility consists of a $20 million revolver talked at Libor plus 300 basis points and a $155 million term loan talked at Libor plus 325 bps, the source said.
Proceeds will be used to purchase boat maker Godfrey Marine.
Rinker is a Syracuse, Ind., boat maker.
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