Mood Media Seeks $480 Million in Loans to Back Muzak Acquisition
Stock Chart for Mood Media Corp (MM)
Mood Media Corp., an in-store music provider, is seeking $480 million in loans to fund its acquisition of Muzak Holdings LLC, according to a person familiar with the deal.
The financing package will include a $25 million five-year revolving line of credit, a $390 million seven-year term loan B and a $65 million 7.5-year second-lien loan, said the person, who declined to be identified because the deal is private.
Credit Suisse Group AG is leading the financing, according to the person, and will meet with potential lenders today. Commitments from lenders will be due April 18.
Mood Media is acquiring background music provider Muzak for $345 million, the Toronto-based company said March 24 in a statement.
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