SEC Edgar Web Site - February 15, 2006
Toys Limited and Toys "R" Us Properties Limited, an indirect subsidiary of Toys "R" Us, Inc., will sell to Toys Properties by way of an inter-company transfer 29 stores and one distribution center having an aggregate market value of £493.2 million (U.S.$868.0 million) and lease those properties back pursuant to operating leases. The acquisition is being financed through commercial mortgage backed floating rate notes of £355.8 million (U.S.$626.2 million.) The company will also sell and leaseback 22 properties located in Spain and nine in France under simmilar arrangements.
The proceeds from the transaction, together with other available funds, were used to repay all of the outstanding indebtedness under the bridge facility component of the acquisition facilities with, among others, Deutsche Bank AG, London Branch, Barclays Bank PLC and The Royal Bank of Scotland plc, and to pay part of the transaction costs related to the various transactions. Following the closing of the U.K. transaction, there remained no outstanding balance under the bridge facility.
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