Barnes & Noble chairman Len Riggio filed follow-up documents with the SEC that provide further details about the $250 million in owner financing he is providing the bookseller as part of their purchase of privately-held BN College. The loan is broken into two classes of notes: The first, for $100 million, is payable on December 15, 2010 and earns Riggion interest of 8 percent a year; the second, for $150 million, comes due five years after the purchase closes and pays a healthy 10 percent a year in interest.
Meanwhile on the stock market, after jumping almost 20 percent after the deal was first announced yesterday, Barnes & Noble’s stock declined for the rest of the day and again today, now just slightly ahead of where it was at the end of last week.
SEC filing