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Hudson's Bay Co. HBAYF

Hudson's Bay Co, or HBC, is a Canadian retail business group. The company operates department stores throughout Canada, Belgium, Germany, and the United States under various banners. These banners include Saks Fifth Avenue, Hudson's Bay, Lord & Taylor, and Off 5th in North America and Galeria Kaufhof, Galeria Inno, and Sportarena in Europe. HBC also has investments in real estate joint ventures. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC joint venture.


OTCPK:HBAYF - Post by User

Post by QUANTUMJUMPon Nov 07, 2017 2:18pm
67 Views
Post# 26919788

The Financing is affirmed all sources verified

The Financing is affirmed all sources verified
Financing confirmation. Nov 7 (Reuters) - Signa Holding GmbH, the Austrian property and retail group that owns German department store operator Karstadt, sent Hudson's Bay Co this week details of the financing it has put together for its 3 billion euro bid ($3.5 billion) for Kaufhof, a German retail chain owned by Hudson's Bay. Hudson's Bay had said last week it would review Signa's offer for Kaufhof, but also called it incomplete, non-binding and unsolicited, with no evidence of financing. Signa gave Hudson's Bay a copy of a financing commitment letter from Austrian Raiffeisen Bank International AG for 700 million euros, which together with a capital increase by Signa last month and the assumption of a 1.34 billion euro real estate loan from German bank LBBW tied to Kaufhof, fully accounts for the Kaufhof bid consideration, according a letter from Signa to Hudson's Bay dated Nov. 6 and reviewed by Reuters. Privately held Signa also sent Hudson's Bay confirmation of its bank account balance and a letter from accounting firm KPMG confirming that Signa's retail arm has 400 million euros in available liquidity and more than 650 million euros of unconditional capital commitments from its shareholders, according to the letter. Signa confirmed the letter but offered no additional comment. A Hudson's Bay spokesman did not provide any immediate comment.
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