The sale will help the company reduce its $12 billion bank debt.
The other $25 million in financing will come from bank debt.
The money is owed on $68 billion in commercial bank debt.
The deal will give the company enough cash to reduce the $280 million of bank debt on its books.
Not enough money has been provided to pay off bad bank debt.
They don't come in on a company that's paying their bank debt down.
It thereby cut its total bank debt from $1.5 billion to $259m.
He says bank debt remains expensive and hard to get.
A: We're not using bank debt at all much anymore.
That enabled the company to pay off its bank debt, he said.
Słownik finansowy
