News Column

BRIEF: Helen of Troy loan limit increased to $570 million for acquisition financing

June 19, 2014

By Vic Kolenc, El Paso Times, Texas



June 19--Helen of Troy's revolving loan limit has been increased by $195 million to $570 million to possibly help finance the pending acquisition of national vitamin maker Healthy Directions, the company reported in a regulatory filing Tuesday.

The El Paso company's revolving loan agreement with several lenders was amended June 11, the day company officials announced Helen of Troy has agreed to buy Maryland-based Healthy Directions for $195 million.

"We will use a combination of existing cash and borrowing under the facility (loan agreement) to fund the purchase price when the deal closes," Vincent Carson, Helen of Troy chief legal officer, said in an email.

The amended agreement with Bank of America, JP Morgan Chase Bank, and other lenders, increases the revolving loan's limit from $375 million to $570 million. The sale is expected to be completed by the end of August.

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(c)2014 the El Paso Times (El Paso, Texas)

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Source: El Paso Times (TX)


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