Borders announced after the close of the market that they have secured a $90 million term loan credit facility from Banc of America Securities as “sole arranger”, most of which matures in March 2014. The company “expects” that lenders will “include an affiliate of Stone Tower Capital, funds managed by Tennenbaum Capital Partners, and Gordon Brothers Merchant Partners.” More importantly, they have extended an “amended and restated” revolving line of credit until March 2014, at a reduced level of $700 million. The existing line of credit would have expired in July 2011.Company release
