Federated completes initial phase of card sale
October 24, 2005,
CINCINNATI -- Federated Department Stores has completed the first of three transactions related to its sale of Federated and May Department Stores Company credit card receivables to Citigroup.
Under the terms of an agreement announced in June, Citigroup will purchase all Federated and May Company credit receivables in three separate transactions at a premium of approximately 11.5 percent. In total, these transactions are expected to generate after-tax proceeds of approximately $4.9 billion.
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