Linens 'n Things to join Apollo Management portfolio
09 Nov '05
3 min read
The parties currently anticipate consummating the merger in the first or early second quarter of 2006. Upon the closing of the merger, shares of Linens 'n Things common stock would no longer be listed on the NYSE. The consummation of the merger is subject to customary closing conditions including the approval of Linens 'n Things stockholders, the funding of the contemplated debt financing, the expiration of antitrust waiting periods, and no material adverse change in the Company's business.
The debt financing for the transaction is subject to various conditions, including Linens 'n Things achieving EBITDA of not less than $140 million for the full 2005 fiscal year and comparable net sales of not less than negative 6% for the 2005 fourth quarter, as well as other customary conditions for a leveraged acquisition financing.
Nation's largest home textiles retailer Linens 'n Things, with 2004 sales of $2.7 billion is one of the leading, national large format retailers of housewares and home accessories. The business strategy is to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs.
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