HSN (HSNI) Enters New $600M Facility; Replaces Expiring $150M Revolver
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HSN, Inc. (Nasdaq: HSNI) announced today that it has entered into a new $600 million five-year credit facility, replacing a $150 million revolving credit facility that was set to expire in July 2013. The new credit facility, which includes a $350 million Revolving Credit Facility and a $250 million delayed draw Term Loan, expires in April 2017.
Loans under the Revolver and the Term Loan bear interest at a per annum rate equal to LIBOR plus 1.50% to 2.25%, based on HSNI's leverage ratio (the beginning LIBOR margin will be 1.50%). The Term Loan must be drawn by December 31, 2012. Proceeds from the new credit facility are available for general corporate purposes, including working capital, capital expenditures, acquisitions, share repurchases and redemption of the company's $240 million 11.25% Senior Notes, due August 2016 and callable August 1, 2012 at a price of 105.625%.
Loans under the Revolver and the Term Loan bear interest at a per annum rate equal to LIBOR plus 1.50% to 2.25%, based on HSNI's leverage ratio (the beginning LIBOR margin will be 1.50%). The Term Loan must be drawn by December 31, 2012. Proceeds from the new credit facility are available for general corporate purposes, including working capital, capital expenditures, acquisitions, share repurchases and redemption of the company's $240 million 11.25% Senior Notes, due August 2016 and callable August 1, 2012 at a price of 105.625%.
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