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Bloomberg: Hudson’s Bay Gets $2.8B of Debt Commitments for Saks Deal

July 31, 2013, 07:06 AM
Filed Under: Retail

Bloomberg reports Hudson’s Bay Co. has obtained about $2.8 billion of debt financing commitments to back its purchase of luxury retailer Saks Inc.

Bank of America and Royal Bank of Canada are providing $1.9 billion of term loans and a $900 million unsecured bridge portion, according to a regulatory filing yesterday. The arrangement also includes two revolving credit lines of $950 million and C$750 million ($731 million).

To help finance the deal, the Toronto-based company will sell as much as $500 million of common stock, denominated in Canadian dollars, to an entity affiliated with Ontario Teachers’ Pension Plan Board, according to the filing. Hudson’s Bay will also issue the entity warrants for additional 5 million of its common shares.

To view the entire Bloomberg article, click here.

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