IAC readies debt for spinoffs
July 21, 2008-- Home Textiles Today,
In the HSN component, IAC said, “HSN has entered into an agreement for the sale of $240 million of senior unsecured notes due 2016 with an 11.25% coupon rate and has commitments for a $150 million 5-year Term Loan A and a $150 million 5-year revolver. HSN is expected to have $390 million in funded debt and $50 million in cash at the time of the spin-off.”
The HSN bond offering, said IAC, is expected to close the week of July 28.
HSN Inc. will comprise the television and online direct-to-consumer retailer Home Shopping Network along with mail order catalog specialist Cornerstone Brands. These two divisions of IAC had combined 2007 home textiles retail sales of $243 million, which would place them at No. 20 in the HTT Top 50 Retailing Giants.
The other spinoff companies will be Ticketmaster, Interval Leisure Group, Lending Tree, and IAC.
Related Content By Author
Industry Related Content
Countdown to Heimtextil 2016