News

The Parent Company secures additional financing

The Parent Company, owner of online retailers etoys.com and babyuniverse.com, has completed a multi-year financing agreement worth US$25 million with the D.E. Shaw group.
July 14, 2008

The Parent Company, owner of online retailers etoys.com and babyuniverse.com, has completed a multi-year financing agreement worth US$25 million with the D.E. Shaw group.

The agreement provides up to US$25 million of junior secured debt financing, with US$10 million being made immediately available to The Parent Company.

As part of its previously announced financing process, The Parent Company reviewed a number of options and determined that they would dilute existing shares too much.

At the Company’s request, the D. E. Shaw group agreed to provide the new facility as a second lien debt financing behind CIT Bank, thereby leaving the existing US$25 million revolving credit facility in place.

About The Author
Gary Rusak is a freelance writer based in Toronto. He has covered the kids entertainment industry for the last decade with a special interest in licensing, retail and consumer products. You can reach him at garyrusak@gmail.com

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