Toys R Us is trying to raise $1.38 billion in new financing to replace bonds that are coming due in the next few years, according to a regulatory filing as reported by Bloomberg. The company is trying to raise $1.025 billion of term loans due in five and a half years and a $350 million bank loan that will mature in five years, which will replace term loans and notes due in 2016 and loans maturing in 2018. It would pay a premium to redeem its existing bonds earlier, and said in the filing that it expects that its interest cost would increase.
A group of bondholders has been pressing for a refinancing to avoid a near term liquidity problem; lobbying for some bondholders to accept a change in terms to permit it (see “Toys R Us Finishes Clearing Inventory”).
The company’s debt is considered well below investment grade, and was downgraded after the company reported losing $1 billion last year (see “Toys R Us Loses $1 Billion”).
Of $1.4 Billion
Posted by ICv2 on September 30, 2014 @ 2:47 am CT
MORE SHOWBIZ
By 'Birds of Prey' Writer Kelly Thompson and 'Zodiac Starforce' Artist Paulina Ganucheau
April 22, 2024
Birds of Prey writer Kelly Thompson and Zodiac Starforce artist Paulina Ganucheau are the creative team for the new series.
Showbiz Round-Up
April 22, 2024
Lots of movie and streamer news this week, which we round up here.
MORE GAMES
For infinity
April 23, 2024
Corvus Belli will release two Ariadna Packs and a range of other miniatures for Infinity on May 31.
'Everyone Else Thinks This Games Is Awesome,' From Zach & Kelly Weinersmith
April 22, 2024
Cryptozoic Entertainment will release Everyone Else Thinks This Games Is Awesome , a new trivia game by Zach & Kelly Weinersmith.