McGaw Seeks to Refinance Debt From Sale
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IRVINE — McGaw Inc. expects to refinance the debt it incurred for the 1990 sale of the pharmaceutical company with a series of financial transactions that are expected to close at the end of the month.
McGaw, once part of Kendall Co. in Boston, previously announced it would retire $180 million in debts remaining from the purchase of the company by an investor group. But it has reshaped the package slightly and has set the anticipated closing for the end of March, said Robert J. Krist, McGaw’s chief financial officer.
Instead of issuing $100 million in senior notes due in 1999, the company will issue $90 million in notes, according to documents it has filed with the Securities and Exchange Commission, which must approve the transaction.
The company is also increasing its $50-million private placement to $60 million. And it has received approval for a $30-million line of credit, subject to the sale of the notes and stock.
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