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Borders Group Closes Pershing Square Financing Agreement.

ANN ARBOR, Mich., April 9 /PRNewswire-FirstCall/ -- Borders Group, Inc. today announced that it has closed on the revised financing agreement with Pershing Square Capital Management, L.P. that was announced in the company's April 7, 2008 news release. The agreement includes a $42.5 million senior secured term loan, a "put" right of $135 million for Borders Group's international subsidiaries (subject to the satisfaction or waiver of certain conditions), and 9.55 million warrants to purchase common stock initially issued to Pershing Square, exercisable at $7.00 per share, subject to adjustment. The agreement provides for a future issuance, under certain circumstances, of 5.15 ...

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