Loan Shark Improves Borders Deal, but Basically Sets October Date for Resolution Borders announced that they negotiated a slightly better financing deal with major shareholder Pershing Square for their $42.5 million term loan. Pershing will get 9.8 percent interest (instead of 12.5 percent), and it appears that they reduced the guaranteed number of stock warrants Pershing Square will receive by about a third, down to 9.55 million warrants from the original promise of 14.7 million warrants. Look at the finer print, though, and Pershing Square is practically ensured getting those extra 5.15 million warrants. They receive them if “a definitive […]
