Federated sells a block of credit receivables to Citigroup
By Staff -- Home Textiles Today, 5/22/2006 12:45:00 PM
Cincinnati – Federated Department Stores said it has sold a block of credit-card receivables in its previously announced transaction with Citigroup. Today's sale yielded total pre-tax proceeds of $803 million, as well as a pre-tax gain of approximately $13 million.
The second transaction, planned for late July or August, will cover the remainder of the portfolio, with pre-tax proceeds estimated at $1.075 billion to $1.125 billion. At that time, Federated will have completed the sale of all Federated and May Company customer credit receivables, which in total will have produced after-tax proceeds of approximately $4.6 billion.
We would love your feedback!
-
Federated completes sale of credit-card receivables
Jul 18, 2006
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
