Tags: Playboy Seeks 180 Million Loan in Bid to Go Private hugh hefner

Playboy Seeks $180 Million in Loans to Fund Hefner-Led Buyout

Tuesday, 11 Jan 2011 02:54 PM

Playboy Enterprises Inc., publisher of the namesake men’s magazine, is seeking $180 million in bank loans to fund its takeover by founder Hugh M. Hefner, according to a person familiar with the deal.

The facility will include a $20 million revolving line of credit and a $160 million term loan, said the person, who declined to be identified because the transaction is private.

The loan is fully underwritten by Jefferies Group Inc., according to the person.

Hefner, 84, is offering to buy the Class A stock and Class B shares he doesn’t already own for $6.15 per share, representing an 18 percent premium over the Class B closing price of $5.20 a share on Jan. 7, the Chicago-based company said in a statement yesterday.

Playboy’s agreement is with Icon Acquisition Holdings LP, a limited partnership controlled by Hefner, according to the statement.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Playboy Enterprises Inc., publisher of the namesake men s magazine, is seeking $180 million in bank loans to fund its takeover by founder Hugh M. Hefner, according to a person familiar with the deal.The facility will include a $20 million revolving line of credit and a $160...
Playboy Seeks 180 Million Loan in Bid to Go Private hugh hefner
142
2011-54-11
Tuesday, 11 Jan 2011 02:54 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved