Shares of Borders Group (BGP) are up 19 cents, or 7.4%, at $2.91 this morning after the company announcedGeneral Electric’s (GE) GE Capital will be co-collateral agent for a $700 million asset-backed facility for the company.
The news is an update on Borders’s March 31 announcement it replaced a $700 million revolving line of credit coming due next year with a senior secured asset-based credit facility not due until 2014. GE was mentioned at the time as a joint arranger and book runner, along with Bank of America (BAC) and Wells Fargo (WFC).
Presumably, the role of GE as co-collateral agent gives that much more soundness to the package.
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