Borders Group and Pershing Square Further Extend Financing Agreement Deadlines to April 15
Borders Group Logo. (PRNewsFoto/ Borders Group, Inc.)
ANN ARBOR, MI UNITED STATES
Q4/Full Year 2008 Results for Borders Group to be Issued March 31 after Market Close with Conference Call for Investors at 8 a.m. April 1
ANN ARBOR, Mich., Feb. 13 /PRNewswire-FirstCall/ -- Borders Group, Inc.
(NYSE: BGP) and Pershing Square Capital Management, L.P. on behalf of its
affiliates today announced that they will further extend the expiration date
of Borders Group's option to "put" its U.K.-based Paperchase gifts and
stationery business to Pershing Square for $65 million, subject to certain
conditions. The "put" option was originally due to expire Jan. 15, 2009, but
was extended until Feb. 16, 2009, and is now further extended until April 15,
2009. At the same time, repayment of the $42.5 million senior secured term
loan, which Borders Group was due to remit on the same timetable as the "put"
option, is also further extended until April 15. Other terms of the "put"
option and the term loan remain unchanged. Borders Group is paying Pershing
Square $750,000 for reimbursement of expenses and the extension of the "put."
Borders Group will discuss the company's fourth quarter and full year 2008
results on a conference call for analysts and investors Wed., April 1 at 8
a.m. Eastern. Borders Group Chief Executive Officer Ron Marshall and Chief
Financial Officer Mark Bierley will lead the review. The call follows a news
release regarding fourth quarter and full year 2008 performance to be issued
by the company after market close Tues., March 31. Forward looking statements
may be included in the news release and on the conference call.
The call is being Web cast by Thomson Financial and can be accessed at the
Borders Group corporate Web site at www.bordersgroupinc.com. A replay will be
accessible on the site through May 1. In addition, a replay phone service
will be available toll-free at 800-846-5455, or for international calls, at
203-369-3127. The phone service will be available through April 15 until 11:59
p.m. Eastern.
The Web cast is being distributed through the Thomson StreetEvents
Network. Individual investors can listen to the call at www.earnings.com,
Thomson's individual investor portal, powered by StreetEvents. Institutional
investors can access the call via StreetEvents at www.streetevents.com, a
password-protected event management site.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a
leading retailer of books, music and movies with approximately 27,000
employees. Through its subsidiaries, the company operates more than 1,000
stores worldwide primarily under the Borders(R) and Waldenbooks(R) brand
names. For online shopping, visit Borders.com. For more information about the
company, visit www.borders.com/aboutus.
