Harris Preps Toy Credit

  • 09 Feb 2003
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Harris Trust & Savings Bank is leading a $140 million credit backing Racing Champions Ertl's acquisition of Learning Curve International. A banker familiar with the deal could not confirm structural details. The transaction is expected to close by March 15. Following the union of the two Illinois-based toy companies, funded debt to EBITDA figures are expected to be under two times.

The purchase price of the acquisition covers $106.7 million in cash, less debt and capital leases and 666,667 shares of Racing Champion's common stock. There is also an additional consideration of $6.5 million based on sales and margin targets. A Harris official declined to comment, while Jody Taylor, Racing Champions executive v.p., cfo and secretary, did not return calls before press time.

  • 09 Feb 2003

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