"Lampert's $5.2 billion Sears deal gets backing from Bank of America, Citigroup"
$ay whaaaat? OTC STOCK GETS BANKERS BACKING IT. OR BETTER YET 5.2 BILLIONS EDDIE BACKING A OTC PENNY STOCK.
NEVER HEARD OF THIS IN PENNYLAND BEFORE.
OHH THE OS IS ONLY 109.2 OOH THE FLOAT 30MILL 5.2 BILLION BUYOUT = $47 PPS CURRENT .58CENTS MARKET CAP 63.4mill
Claire Boston and Katherine Doherty Bloomberg News
Sears Chairman Edward Lampert will finance his winning bid to salvage the retailer in part with $850 million from a new asset-based loan, according to a regulatory filing Friday.
The deal by Lampert’s ESL Investments hedge fund will also be financed by ESL's forgiving $1.3 billion of Sears Holdings Corp. debt that it holds, and with $621 million of existing senior debt that's being rolled over to the post-bankruptcy company, the filing said. The new Sears will assume another $592 million of other liabilities tied to Sears entities. Bank of America, Citigroup and Royal Bank of Canada have committed financing for the asset-based loan. Lampert is also receiving real estate mortgage financing from hedge fund Cyrus Capital Partners, which has extensive ties to Sears.The deal can be terminated if it hasn't been approved in bankruptcy court by Feb. 8 or if the transaction hasn't closed by Feb. 19.