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Shanda Interactive Entertainment plans $180 million loan for buyout
By Sara Rosenberg
New York, Nov. 22 - Shanda Interactive Entertainment Ltd. plans on getting a new $180 million loan to help fund its acquisition by Premium Lead Co. Ltd., according to a 6-K filed with the Securities and Exchange Commission on Tuesday.
J.P. Morgan Securities LLC is the lead bank on the deal.
Other funds for the transaction will come from cash at the company and a cash contribution from the buyer group.
Premium Lead is a company jointly owned by Tianqiao Chen, chairman of the board, chief executive officer and president of Shanda, his wife Qian Qian Chrissy Luo, a non-executive director of Shanda, and his brother Danian Chen, chief operating officer and a director of Shanda.
Under the proposal, Shanda would be purchased for $41.35 per American Depositary Share or $20.675 per ordinary share in cash. The transaction has a value of about $2.3 billion on a fully diluted basis.
Closing is expected before the end of the first quarter of 2012.
Shanda is an interactive entertainment media company in China.
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