Wells Fargo Leads $825 Million in Financing for the Acquisition of Barnes & Noble

SANTA MONICA, Calif. – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC), announced today that it acted as administrative agent, lead arranger and book runner for an $825 million asset-based credit facility in connection with the acquisition of Barnes & Noble, Inc. (NYSE:BKS) by Elliott Advisors (UK) Limited.

“For us to be able to collaborate with Elliott to complete such important financing and help the firm continue to grow its portfolio of companies is rewarding,” said Lynn Whitmore, managing director of Retail Finance, Wells Fargo Capital Finance. “We are pleased to support Barnes & Noble as they embark on a new phase of investment and growth under Elliott’s sponsorship.”

Elliott’s acquisition of Barnes & Noble, the largest retail bookseller in the U.S., follows its June 2018 acquisition of Waterstones, the largest retail bookseller in the U.K.

Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corp., which manages two multi-strategy funds that, combined, have approximately $38 billion in assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds and employees of the firm.

Barnes & Noble is a leading retailer of content, digital media and educational products. The company operates 627 Barnes & Noble bookstores in 50 states, and one of the Web’s premier e-commerce sites, BN.com (www.bn.com). General information on Barnes & Noble can be obtained by visiting the company’s corporate website. www.barnesandnobleinc.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,600 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories..

About Wells Fargo Capital Finance

Wells Fargo Capital Finance – a part of Wells Fargo Commercial Capital – is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, supply chain finance and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.