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Federated Ends $5B Bridge Financing

CINCINNATI-The termination of a bridge-financing loan will allow the company to resume its share repurchase program.

By Dana Dubriwny | Updated on June 19, 2006

(For more retail coverage, click GlobeSt.com/RETAIL. To read more on the debt and equity markets, click here.)

CINCINNATI-Federated Department Stores Inc. is terminating the $5-billion bridge financing facility it used for the acquisition of the May Department Stores Co. in August of last year. The facility, which was issued with a syndicate of four banks, was stated to mature on one year from the date of acquisition.

As planned, the company has resumed its share repurchase program. At the end of the first quarter of 2006, Federated had outstanding authorization to repurchase up to $670 million of its shares in the open market.

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