Oct. 12 (Bloomberg) -- 99 Cents Only Stores, the operator of 289 U.S. discount shops that’s being bought by Ares Management LLC and Canada Pension Plan Investment Board, got $925 million in debt-financing commitments to fund the acquisition.
Royal Bank of Canada, RBC Capital Markets, Bank of Montreal and BMO Capital Markets are providing a $150 million revolving line of credit, a $525 million term loan and a $250 million bridge facility to support the acquisition, according a regulatory filing yesterday.
99 Cents Only agreed to be acquired for about $1.6 billion in cash, the City of Commerce, California-based company said yesterday in a statement. Members of the founding Gold/Schiffer family support the $22-a-share offer and will continue to hold a minority stake in the company, according to the statement.
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