Daily News: August 9, 2019

WFCF Agents $825MM ABL to Support Barnes & Noble Sale to Elliott


Wells Fargo Capital Finance acted as administrative agent, lead arranger and book runner for an $825 million asset-based credit facility in connection with the acquisition of Barnes & Noble by Elliott Advisors (UK).

“For us to be able to collaborate with Elliott to complete such important financing and help the firm continue to grow its portfolio of companies is rewarding,” said Lynn Whitmore, managing director of Retail Finance, Wells Fargo Capital Finance. “We are pleased to support Barnes & Noble as they embark on a new phase of investment and growth under Elliott’s sponsorship.”

Elliott’s acquisition of Barnes & Noble, the largest retail bookseller in the U.S., follows its June 2018 acquisition of Waterstones, the largest retail bookseller in the UK.

Elliott Advisors is an affiliate of Elliott Management, which manages two multi-strategy funds that, combined, have approximately $38 billion in assets under management. Its flagship fund, Elliott Associates, was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds and employees of the firm.