Jere Harris, PRG
NEW YORK — According to current postings on forums and newsgroups, Goldman Sachs provided $385 million in financing to back the Jordan Cos.' roughly $600 million purchase of Production Resources Group.
Sources say that the total outstanding debt was $327.4 million as of March 31, 2007. Proceeds from the proposed transaction will be used to fund The Jordan Co.'s acquisition of a 65% interest in PRG. An unspecified management group will own a 35% interest in the company. At this time, there are no further details.
FOH is continuing to monitor the situation and will bring you more later.
