Books-A-Million to draw $21 million under loan to fund acquisition

By Toni Weeks

San Luis Obispo, Calif., July 13 – Books-A-Million, Inc. announced it will borrow about $21 million under its existing credit facilities to help finance its acquisition by a newly organized entity owned by the Anderson Family, including Books-A-Million executive chairman Clyde B. Anderson.

The transaction will also be financed through a combination of the contributions of the company’s shares owned by the Anderson Family.

Under the agreement, shareholders, excluding the Anderson Family and related persons and entities, along with members of management who elect to rollover their shares, will receive $3.25 per share in cash. The per-share price represents a premium of 25.5% over the stock’s closing price of $2.59 on July 13.

Books-A-Million is a Birmingham, Ala.-based bookstore chain.

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