Toys ‘R’ Us Bond Swap Pays 12% to Buy Time for a Turnaround

  • Retailer will trade its 2017, 2018 bonds for new 2021 issues
  • The company needs cash to battle Wal-Mart, Target and Amazon

Toys “R” Us Inc., beset by rivals and burdened by debt tied to its 2005 leveraged buyout, pushed ahead with a bond swap offering a 12 percent interest rate that could buy time for the retailer’s turnaround plan.

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