Umbrellas & Apparel Paying Off for MidOcean
June 16, 2011- Share:
MidOcean Partners-backed totes-ISOTONER is raising $225 million of debt, split between a $145 million first lien term loan and an $80 million second lien term loan. The umbrella, rainwear, slippers and other accessories designer will use the proceeds to refinance existing debt, pay MidOcean a $45 million dividend and repay preferred stock. MidOcean acquired the company for approximately $288 million from Bruckmann Rosser Sherrill in 2007.
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