US: Talbots completes BPW acquisition
Author: just-style.com | 8 April 2010
Women's wear retailer The Talbots has completed its merger deal with BPW Acquisition Corp as well as paying off all outstanding debts to former majority shareholder, Aeon.
As well as repurchasing around 29.9m shares held by its former majority stockholder, Talbots also repaid all outstanding debt to Aeon totalling US$486.5m plus accrued interest and other costs.
A revolving credit facility of up to $200m has also been arranged.
"We are delighted to welcome BPW shareholders and warrant holders and appreciate their support throughout this process," said Talbots president and CEO Trudy Sullivan.
"The completion of this merger and related transactions marks an important milestone for Talbots," said BPW CEO Gary Barancik.
"With an improved financial foundation and capital structure in place, we believe we are well-positioned for future growth and value-creation for all our stakeholders."
As a result of these transactions, shares of BPW will cease trading on the American Stock Exchange effective prior to the open of trading today (8 April).
At the end of fiscal 2009, Talbots operated 580 brand stores.
BPW Acquisition is a special purpose acquisition company formed in 2008 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or other similar business combination with one or more operating businesses.
Sectors: Apparel, Finance, Retail
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US: Talbots completes BPW acquisition
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