Associated Dry Goods Credit Corp. Deal - Lehman Brothers Collection
Associated Dry Goods Credit Corp.
|Company Deal||Associated Dry Goods Credit Corporation: $50,000,000 8 7/8% notes due June 15, 1983|
|Transaction Type||of Notes|
|Deal Description||The Associated Dry Goods Credit Corporation expected to use $25,000,000 of the proceeds from this deal to purchase customer receivables. The remaining balance was to be used to reduce the company's commercial paper indebtedness. Commercial paper was used to fund purchases of Associated Dry Goods Corporation (Associated) 30-day customer receivables and advances made by the company to Associated. The company is a wholly owned subsidiary of Associated and was engaged in the business of offering 30-day charge sales contracts and revolving credit agreements. Associated was a large retail merchandising organization operating, at the time, eighteen department stores across the nation. The notes became due on June 15, 1983.|
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