Guitar Center expects the recent moves will reduce its debt load by nearly $800 million. Additionally, Guitar Center has retained UBS Investment Bank to help the retailer raise $335 million in new senior secured notes. "This is an important and positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth," says Ron Japinga, CEO of Guitar Center. "Given the strong level of support from our lenders and creditors, we expect to complete the process before the end of this year." Milbank LLP is serving as legal counsel to Guitar Center, and BRG is serving as restructuring advisor. Houlihan Lokey is serving as the company's financial advisor. Stroock & Stroock & Lavan LLP is serving as legal counsel to an ad hoc group of secured noteholders, and Province is serving as financial advisor.