The Warren, Pa., multichannel direct marketer of clothing said it would use the money to help fund a planned $185 million buyback at $42 a share. Blair announced a tentative deal on the financing last month, after it had set plans for the buyback in May.
"With the financing secured, we are now able to move forward with our stock tender plan," said CEO John Zawacki. "We believe that through this stock tender we will continue to maximize shareholder value."
Blair said it would use most proceeds from the sale of its credit portfolio to
Alliance Data Systems
to pay off and terminate its $100 million receivables purchase facility and $25 million term loan facility under the referenced financing. "The closing of the Alliance Data Systems transaction remains on target for the fourth quarter of 2005," Blair said.
On Monday, Blair rose a dime to $39.35.