Brocade gets $1.225 bln loan to finance Foundry deal

SAN FRANCISCO (MarketWatch) — Brocade said late Tuesday it entered into a $1.225 billion secured credit facility to partly finance its buyout of Foundry Networks . In addition to the funds, Brocade expects to raise up to $400 million in additional financing and using cash on hand to fund the deal. The proposed buyout has received regulatory clearance and approval from the boards of each company. Shareholders of Foundry are scheduled to vote on the deal on Oct. 24. The buyout is expected to close in the fourth quarter.
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Original post by Forextvblog

This entry was posted on Tuesday, October 7th, 2008 at 2:46 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

SAN FRANCISCO (MarketWatch) — Brocade said late Tuesday it entered into a $1.225 billion secured credit facility to partly finance its buyout of Foundry Networks . In addition to the funds, Brocade expects to raise up to $400 million in additional financing and using cash on hand to fund the deal. The proposed buyout has received regulatory clearance and approval from the boards of each company. Shareholders of Foundry are scheduled to vote on the deal on Oct. 24. The buyout is expected to close in the fourth quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Original post by Forextvblog

This entry was posted on Tuesday, October 7th, 2008 at 2:46 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.