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.
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