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Harbour Group companies get $36.9 million of mezzanine debt from Golub
By Lisa Kerner
Charlotte, N.C., May 16 - Watchfire and SloanLED, both owned by Harbour Group, will use $36.9 million of mezzanine debt from Golub Capital to merge their financing and fund a dividend payment, according to a market source.
Other funding for the transaction will come from a proposed $113.3 million senior secured credit facility.
Leverage through the credit facility is 3.5 times, and total leverage is 4.75 times.
Watchfire is a Danville, Ill.-based provider of branded LED displays, billboards and related software and services. SloanLED is a Ventura, Calif.-based provider of specialty LED lighting systems for sign, spa and optoelectronic applications.
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