Reader’s Digest Owner Approved to Borrow $105MM
Bloomberg reported that RDA Holding, the publisher of Reader’s Digest magazine, won final court approval to borrow $105 million from a group of lenders while it reorganizes in bankruptcy protection.
The financing, arranged by Wells Fargo Principal Lending as administrative agent, includes a $45 million term loan, $11 million of which was approved on an interim basis last month; a refinancing term loan of $49.6 million and $9.5 million in letters of credit that are outstanding under its current credit agreement, Bloomberg said, citing court papers.
To read the entire Bloomberg story, click here.
Previously on abfjournal.com:
Reader’s Digest Brand is Key to Strategy in Bankruptcy, Tuesday, February 19, 2013