Jan. 13 (Bloomberg) -- Prestige Brands Holdings Inc. will host a lender meeting next week to discuss the $670 Million financing backing its purchase of 17 over-the-counter-medicine brands from GlaxoSmithKline Plc, according to a person with knowledge of the transaction.
Citigroup Inc., Morgan Stanley and Royal Bank of Canada are arranging the financing for the maker of over-the-counter drugs, household cleaning and person-care products, said the person, who declined to identified because the terms are private. The meeting will be held Jan. 18 at 9:30 a.m. in New York.
The financing will include a $620 million seven-year term loan and a $50 million revolving line of credit due in five years, according to data compiled by Bloomberg.
Prestige Brands agreed to buy products from London-based Glaxo including digestive helpers Beano and Gaviscon, painkillers Ecotrin and Goody’s and Sominex sleep tablets for $660 million.
Ronald Lombardi, chief financial officer of Irvington, New York-based Prestige Brands, didn’t respond to an e-mail seeking comment.
In a revolving credit facility, money can be borrowed once it’s repaid; in a term loan, it can’t.
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