Criimi Mae Gets Infusion of Cash
Criimi Mae has obtained a firm financing commitment from Brascan Real Estate Financial and Bear Stearns and is moving ahead with the restructuring process that was begun earlier this year.
Under the terms of Criimi's agreement with the company, BREF will invest in 10% of Criimi Mae's outstanding common stock as well as up to $40 million of subordinated debt to be issued by Criimi Mae.
Also, Bear Stearns has completed its initial due diligence and entered into a firm commitment to provide Criimi with secured financing of up to $300 million in the form of a repurchase transaction.
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