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 Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. to finance the acquisition of MSS-Delaware, Inc. by management and Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Merchant Banking Group. MSS-Delaware was formerly a wholly-owned subsidiary of Federated Connected and treated as one. See federated database and federated directories. 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 Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BankBoston Retail Finance commented, "It's gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. 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 advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , 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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