Tax preparer taps credit lines

1 decade 8 months 4 weeks ago Thursday, August 23 2007 Aug 23, 2007 Thursday, August 23, 2007 7:17:55 AM CDT August 23, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
KANSAS CITY, Mo. (AP) H and R Block says it has borrowed more than 1 billion dollars from its working capital credit lines because of concerns over unstable credit markets. The Kansas City-based tax preparer says it raised the cash it needs to operate through its Block Financial subsidiary. Block Financial had been borrowing by selling short-term corporate bonds known as commercial paper. An influential investor adviser also said it's supporting three dissident candidates for Block's board. Institutional Shareholder Services says Block needs a shake-up. The three candidates were nominated by Breeden Capital Management, a Connecticut-based investment fund. Block says it will stick with its three nominees.

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