Burlington Pulls $1.5 Billion Offering for Dividend
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Burlington Coat Factory Warehouse Corp., the discount clothing-store operator, pulled $1.5 billion of debt financing it planned to repay borrowings and fund a dividend to owner Bain Capital LLC, according to eight people familiar with the negotiations.
JPMorgan Chase & Co. was marketing a $1 billion term loan for the transaction and told investors in e-mails and phone calls today that the financing had been withdrawn, said the people, who declined to be identified because the terms are private. Goldman Sachs Group Inc. was arranging $500 million of notes.