December 18, 2017 6:42 AM ET

Specialty Retail

Company Overview of Toys ''R'' Us - Delaware, Inc.

Company Overview

Toys ''R'' Us - Delaware, Inc. retails toys and juvenile products. It sells products in the toy, entertainment, juvenile, learning, and seasonal categories primarily through its retail locations. The company also offers its products through various Websites, including toysrus.com, babiesrus.com, etoys.com, babyuniverse.com, and fao.com. The company was formerly known as Children's Bargain Town and changed its name to Toys ''R'' Us - Delaware, Inc. in 1957. The company was incorporated in 1948 and is based in Wayne, New Jersey. Toys ''R'' Us - Delaware, Inc. operates as a subsidiary of Toys "R" Us Inc. On September 18, 2017, Toys ''R'' Us - Delaware, Inc. filed a voluntary petition for reorga...

1 Geoffrey Way

Wayne, NJ 07470

United States

Founded in 1948

Phone:

973-617-5544

Fax:

973-617-4025

Key Executives for Toys ''R'' Us - Delaware, Inc.

Chairman and Chief Executive Officer
Age: 65
President of International
Age: 56
Global Chief Marketing Officer and Executive Vice President
Age: 42
Executive Vice President of Supply Chain
Compensation as of Fiscal Year 2017.

Toys ''R'' Us - Delaware, Inc. Key Developments

Final DIP Financing Approved for Toys "R" Us Inc.

The US Bankruptcy Court gave an order to Toys “R” Us, Inc. to obtain DIP financing on final basis on October 24, 2017. As per the order, the debtor has been authorized to obtain $2.75 billion of post-petition financing and related relief to support the North American Debtors’ business in the United States and Canada, consisting of, $1.85 billion of revolving commitments under the proposed ABL/FILO Revolving DIP Facility, which shall include a $300 million Canadian Sub-Facility; $450 million of “first in last out” term loan financing under the North American Debtors’ ABL/FILO Term DIP Facility; and $450 million of term loan financing under the North American Debtors’ proposed Term DIP Facility. The $1.85 billion ABL/FILO Revolving DIP Facility and $450 million of “first in last out” term loan financing under the North American Debtors’ ABL/FILO Term DIP Facility is being provided by JPMorgan chase bank, N.A.($555 million revolving and $135 million term), Citigroup Global Markets Inc.($370 million revolving and $90 million term), Deutsche Bank Securities Inc.($370 million revolving and $90 million term), Goldman Sachs Bank USA ($370 million revolving and $90 million term) and Barclays Bank Plc($185 million revolving and $45 million term), with JP Morgan Chase Bank, N.A. acting as the administrative agent and $450 million of delayed draw term loan from Angelo, Gordon & Co., L.P.($126.72 million), Franklin Mutual Advisers LLC($139.62 million), HPS Investment Partners, LLC($18.13 million), Marathon Asset Management, L.L.C. ($86.75 million), Redwood Capital Management, LLC($17.58 million), Roystone Capital Management LLC($26.28 million) and Solus Alternative Asset Management LP($34.92 million), with NexBank SSB, acting as the administrative agent. The ABL/FILO Revolving DIP Facility and ABL/FILO Term facility would carry an interest rate of LIBOR plus 2.5% p.a. for LIBO Loan, Prime rate plus 1.5% p.a. for Prime Rate Loan and BA Rate, plus 2.5% for BA Equivalent Loan, along with an additional 2% p.a. interest in the event of default. The DIP delayed draw term loan would carry an interest rate of Base Rate plus 8.75% p.a. for Base Rate Loan, and Eurodollar Rate plus 7.75% p.a. for Eurodollar Rate Loan, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2% p.a., Upfront Fee of 1% and a backstop/structuring fee in an amount equal to 3.25% of the Commitment of such Lender immediately prior to the making of the Initial Loans on the Closing Date. The ABL/FILO Revolving DIP Facility and ABL/FILO Term facility would mature on 16 months from the Effective Date of the ABL/FILO DIP Credit Agreement and The DIP delayed draw term loan facility would mature either on January 18, 2019 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $20.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Court had granted the debtor an interim approval to access $1.65 billion as DIP financing on September 20, 2017.

Final DIP Financing Approved for Tru Taj Debtors.

The US Bankruptcy Court gave an order to Tru Taj LLC and Tru Taj Finance, Inc. to obtain DIP financing on an interim basis on October 25, 2017. As per the order, the debtor has been authorized to obtain a DIP note facility in the amount of $375 million from Consenting beneficial holders of the 12.00% Senior Notes due 2021 of the Issuers. The DIP loan would carry an interest rate of 11% p.a., along with an additional default interest in the event of default. The DIP Facility would mature on 16 months from date of Issuance. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $30 million towards unpaid professional fees / administrative expenses. The Court had granted the debtor an interim approval to access $100 million as DIP financing on September 20, 2017.

Interim DIP Financing Approved for Toys "R" Us Inc.

The US Bankruptcy Court gave an order to Toys “R” Us, Inc. to obtain DIP financing on an interim basis on September 20, 2017. As per the order, the debtor has been authorized to obtain $1.65 billion, consisting of $1.3 billion of a senior secured revolving credit facility, swing-line loans, and letters of credit and delayed draw term loan with up to $350 million from a total facility of $2.75 billion. Total of approximately $2.75 billion of post-petition financing and related relief to support the North American Debtors’ business in the United States and Canada, consists of, $1.85 billion of revolving commitments under the proposed ABL/FILO Revolving DIP Facility, which shall include a $300 million Canadian Sub-Facility; $450 million of “first in last out” term loan financing under the North American Debtors’ ABL/FILO Term DIP Facility; and $450 million of term loan financing under the North American Debtors’ proposed Term DIP Facility. The $1.85 billion ABL/FILO Revolving DIP Facility and $450 million of “first in last out” term loan financing under the North American Debtors’ ABL/FILO Term DIP Facility is being provided by JPMorgan chase bank, N.A.($555 million revolving and $135 million term), Citigroup Global Markets Inc.($370 million revolving and $90 million term), Deutsche Bank Securities Inc.($370 million revolving and $90 million term), Goldman Sachs Bank USA ($370 million revolving and $90 million term) and Barclays Bank Plc($185 million revolving and $45 million term), with JP Morgan Chase Bank, N.A. acting as the administrative agent and $450 million of delayed draw term loan from Angelo, Gordon & Co., L.P.($126.72 million), Franklin Mutual Advisers LLC($139.62 million), HPS Investment Partners, LLC($18.13 million), Marathon Asset Management, L.L.C. ($86.75 million), Redwood Capital Management, LLC($17.58 million), Roystone Capital Management LLC($26.28 million) and Solus Alternative Asset Management LP($34.92 million), with NexBank SSB, acting as the administrative agent. The ABL/FILO Revolving DIP Facility and ABL/FILO Term facility would carry an interest rate of LIBOR plus 2.5% p.a. for LIBO Loan, Prime rate plus 1.5% p.a. for Prime Rate Loan and BA Rate, plus 2.5% for BA Equivalent Loan, along with an additional 2% p.a. interest in the event of default. The DIP delayed draw term loan would carry an interest rate of Base Rate plus 8.75% p.a. for Base Rate Loan, and Eurodollar Rate plus 7.75% p.a. for Eurodollar Rate Loan, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2% p.a., Upfront Fee of 1% and a backstop/structuring fee in an amount equal to 3.25% of the Commitment of such Lender immediately prior to the making of the Initial Loans on the Closing Date. The ABL/FILO Revolving DIP Facility and ABL/FILO Term facility would mature on 16 months from the Effective Date of the ABL/FILO DIP Credit Agreement and The DIP delayed draw term loan facility would mature either on January 18, 2019, or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $20.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Final Hearing is scheduled for October 10, 2017.

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