Guggenheim Gauges Lender Interest for Macy's Buyout Financing [BNN Bloomberg (Canada)]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: BNN Bloomberg
The funding could include at least $1.4 billion of debt, spread over multiple transactions tied to different types of collateral, according to people with knowledge of the matter. Guggenheim is seeking a $650 million loan at the operating company level, said the people, asking not to be identified as the details are private. That financing would be a type of debt known as “first in, last out,” and would be in addition to a large asset-based loan from a bank. Meanwhile, Guggenheim is sounding out investors for debt backed by the department store-operator's real estate, which could total more than $700 million to be financed through the commercial mortgage-backed securities market, according to the people. Another slice of debt tied to the company's properties could be added on top of that, said the people. The conversations are preliminary and financing details may change, the people said. Additional funding may be necessary, with specifics for that borrowing determined later, the
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