Barnes & Noble plans $825 million of revolving facilities for buyout

By Sara Rosenberg

New York, June 7 – Barnes & Noble Inc. has received a commitment for $825 million of revolving credit facilities to help fund its acquisition by Elliott Advisors Ltd., according to an 8-K filed with the Securities and Exchange Commission on Friday.

The facilities consist of a $700 million asset-based revolver and a $125 million first-in, last-out asset-based revolver.

Wells Fargo and Bank of America provided the commitment for the asset-based revolver, and Wells Fargo, Carlyle Global Credit Investment Management LLC and Pathlight Capital Fund I LP provided the commitment for the first-in, last-out revolver.

Under the agreement, Barnes & Noble is being bought for $6.50 per share in an all-cash transaction valued at about $683 million, including the assumption of debt.

Other funds for the transaction will come from equity.

Closing is expected in the third quarter, subject to customary conditions, and the receipt of regulatory and stockholder approval.

Barnes & Noble is a New York-based retail bookseller.

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