BankBoston Retail Finance Inc. Provides $45 Million Facility for Spinoff of Federated Department Stores Subsidiary.BOSTON--(BUSINESS WIRE)--Aug. 26, 1998-- Funds Used in Sale of Aeropostale and Chelsea Cambell Specialty Stores BankBoston Retail Finance Inc. announced today that it has provided a $45 million revolving line of credit to finance the acquisition of MSS MSS - maximum segment size-Delaware, Inc. by management and Bear Stearns Merchant Banking Group. MSS-Delaware was formerly a wholly-owned subsidiary of Federated Department Stores, Inc. MSS-Delaware will function as a fully independent entity operating a national chain of 161 specialty apparel stores under the names Aeropostale and Chelsea Cambell. BancBoston Securities Inc. Mergers and Acquisitions Group acted as exclusive financial advisor to the management group in this acquisition. Edward J. Siskin, chief operating officer of BankBoston Retail Finance commented, "It's gratifying to assist a company like MSS-Delaware in realizing their strategic vision. Our confidence in their management team and their decision to partner with Bear Stearns made this a very attractive transaction. We look forward to a long and successful relationship." BankBoston Retail Finance Inc. is one of the leading asset-based lenders in the country exclusively devoted to the retail industry. The company's staff, many of whom are former retailers, bring a wide range of expertise to each relationship. BankBoston Retail Finance provides inventory-based working capital loans, long-term capital for expansion, turnaround financing, capital markets advisory services, global trade finance and cash management services. The company has agented more than $2 billion in financing to retailers across the U.S. and Canada. BankBoston Retail Finance and BancBoston Securities Inc. are subsidiaries of BankBoston, N.A., the nation's 16th largest bank holding company with assets of $70.5 billion as of March 31, 1998. CONTACT: BankBoston Retail Finance Inc. Jenny Engle, 617/434-4059 |
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