The Reader’s Digest Association said yesterday that it has finished its acquisition of Reiman Publications LLC. In conjunction with that, the company also said it has finalized arrangements for $950 million of loan financing to pay for the acquisition, to repurchase $100 million of Class B Voting Common Stock and to refinance other existing borrowings.
Reiman, which publishes 12 cooking, gardening country lifestyle and nostalgia magazines, is expected to contribute more than $300 million in revenue to Reader’s Digest, officials said, and help it “significantly reduce the contribution of sweepstakes promotions.” Reiman’s database contains more than 32 million names.
