HD Supply Deal Revised
In connection with the amendment, Merrill Lynch, JP Morgan, and Lehman Brothers provided to the private equity consortium revised debt commitment letters for 100 percent of the third party debt financing. The closing took place on Aug. 30. After giving consideration for the equity investment and expenses associated with the transaction, the company expects to net approximately $7.9 billion in cash proceeds from the sale.
“Despite the softness in the financing and residential construction markets, the terms of the HD Supply sale deliver shareholder value today and in the future as we will share in HD Supply’s upside potential,” said Frank Blake, chairman and CEO of The Home Depot. “We are now focused on our retail business.”
For more information, visit www.homedepot.com.
Publication date: 10/15/2007