Barnes & Noble Announces Amendment and Extension of Its Existing $1 Billion Credit Facility on More Favorable Terms
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As a result of the amendment, the company will write-off $6.4 million in deferred financing fees from the previous facility in fiscal 2011. Beginning in fiscal 2012, the company expects lower interest costs and reduced amortization of deferred financing fees to reduce interest expense by $10.6 million annually. The company ended fiscal year 2011 on April 30, 2011 with $313 million of outstanding borrowings under the facility.
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