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Harman International Industries, Incorporated, the leading global audio and infotainment group (NYSE: HAR) today announced the closing of a senior unsecured credit facility that will provide the Company with more than $1 billion in liquidity.
The new facility is comprised of a $750 million revolving line of credit along with a five-year $300 million term loan. The Company plans to use the proceeds from the term loan, in addition to $100 million of cash on hand, to pay off its $400 million in outstanding convertible senior notes, due October 15, 2012.