FINANCE

Twitter files IPO

BY Dan Berthiaume

San Francisco – Twitter has officially filed for an IPO with Securities and Exchange Commission (SEC). The social network reported a net loss of $79.4 million, down 38% from the previous year, on revenue of $316.9 million in 2012, a 198% increase from 2011.

In addition, Twitter said in the filing it has 215 million members who send 500 million tweets per day.

Twitter will have the symbol TWTR and hopes to raise up to $1 billion, although in the filing it indicates it could be an “emerging growth” company, meaning revenues may be less than $1 billion for the first five years following the IPO.

Twitter has not yet released a target price for its initial share offering or a date. If the federal government shutdown continues, analysts speculate Twitter may wait until next year to launch its IPO. The company initially announced it intended to launch an IPO on Sept. 12.

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FINANCE

Report: RadioShack plans to raise funds to appease suppliers

BY Dan Berthiaume

Fort Worth, Texas – RadioShack Corporation is reportedly planning to raise funds before the end of this year to gain the confidence of suppliers in its turnaround effort. According to Bloomberg, RadioShack currently has enough liquidity to operate through 2014 but intends to raise additional cash through financing.

Bloomberg quotes a Morningstar credit analyst as estimating RadioShack could borrow up to $100 million without affecting its credit rating. RadioShack hired turnaround specialist AlixPartners LLP and investment bank Peter J. Solomon to advise it on refinancing options in July. RadioShack declined to comment.

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Report: Neiman-Marcus, Hudson’s Bay Company seek loans

BY Dan Berthiaume

Dallas – Neiman-Marcus Group Inc. and Hudson’s Bay Company (HBC) are reportedly seeking loans to support merger and acquisition activity.

According to Bloomberg, Neiman-Marcus is trying to secure $3.75 billion in loans to support its planned buyout by Ares Management LLC and the Canada Pension Plan Investment Board. That figure reportedly includes a $2.95 billion term loan and an $800 million asset-backed loan.

Meanwhile, HBC is reportedly now seeking $2.3 billion in loans to support its purchase of Saks Inc., up from the $1.9 billion it previously sought.

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