BANK ONE held a bank meeting last Friday for Salt Lake City-based Franklin Covey's $134 million refinancing credit. The bank deal for the personal and organizational effectiveness firm is broken up into a $70 million, three-year secured revolver, $30 million term loan "A" and a $34 million term loan "B." Pricing on the pro rata is LIBOR plus 3%. Terms on the "B" tranche could not be determined.
Private investment firm Hampstead Group is the deal sponsor. Officials at Franklin Covey did not return calls. Franklin Covey was formed in 1997 when Franklin Quest acquired the firm created by productivity guru Stephen Covey.