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Borders Group Reportedly Secures Financing Ahead of April Deadline

borderslogo23.pngA report has surfaced that Borders Group has met its deadline for payment of a $42.5 million loan to Pershing Square Capital Management. The news arrived on the eve of an April 1st deadline for the loan.

Reuters reports: “on Wednesday repaid a loan to its largest investor and secured access to more credit to meet its future borrowing needs, a person familiar with the matter said.”

UPDATE: Borders also reported its financial results for the fiscal year. In the fourth quarter, consolidated sales were $937.3 million–dropping 13.3 percent compared to the same quarter last year. Overall, the bookseller reported $2.8 billion in total consolidated sales, falling 13.9 percent compared to 2008.

Here’s more about the credit deal: “[Borders] has entered into an amended and restated revolving credit agreement. The new, $700 million senior secured asset-based credit facility matures in March 2014 and replaces the company’s existing revolving credit agreement, which would have matured in July 2011. Banc of America Securities LLC, Wells Fargo Retail Finance, LLC, J.P. Morgan Securities Inc. and GE Capital Markets, Inc. acted as joint lead arrangers and book runners.”

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