TLB in reverse merger :
TLB in reverse merger : Talbots and BPW Acquisition (BPW), pursuant to which Talbots will acquire BPW in exchange for Talbots common stock. BPW is a special purpose acquisition company with ~$350 million in cash held in a trust account for the benefit of its shareholders, and which may be used in connection with a business combination. The floating exchange ratio mechanism provides that BPW shareholders will receive a range of 0.9000 to 1.3235 Talbots shares per BPW share. The retirement of all equity currently held by Talbots majority stockholder, Aeon and the repayment of all of its existing debt. Following completion of the transaction, Aeon will hold no Talbots debt or equity. A commitment for a new $200 million senior secured revolving credit facility from GE Capital.