Borders Group (BGP) Announces 1-yr Extension on Pershing Square Loan
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Borders Group, Inc. (NYSE: BGP) and Pershing Square Capital Management, L.P. today announced a one-year extension of the $42.5 million senior secured term loan from April 15, 2009 until April 1, 2010. The loan will be extended on its current terms, including an interest rate of 9.8%, which is substantially below market for comparable financing. At the same time, Borders Group is resetting the strike price on Pershing Square's 14.7 million warrants to $0.65 per share, and the company will allow its option to "put" its U.K. based Paperchase gifts and stationery business to Pershing Square to expire.
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