Stage Stores, Inc. (NYSE: SSI) today announced that it has entered into
an amended and restated $350 million senior secured revolving credit
facility (the “Credit Facility”) that will mature on October 06, 2019.
The Credit Facility replaces the Company’s former $250 million senior
secured revolving credit facility, which was set to mature on June 30,
2016. The Credit Facility (i) increases availability to $300 million,
with a seasonal increase to $350 million, (ii) provides better pricing
terms, and (iii) extends the maturity date. Borrowings under the Credit
Facility may be used for working capital and general corporate purposes,
as well as to finance capital expenditures and to support the Company’s
letters of credit requirements. Wells Fargo Capital Finance is the
Administrative and Collateral Agent, JPMorgan Chase Bank, N.A. and
Regions Bank are the Co-Documentation Agents, Bank of America, N.A. is
the Syndication Agent, and Wells Fargo Capital Finance, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A. and
Regions Bank are the Joint Lead Arrangers and Joint Bookrunning
Managers. The lenders are Wells Fargo Capital Finance, JPMorgan Chase
Bank, N.A., Regions Bank and Bank of America, N.A.
Michael Glazer, President and Chief Executive Officer, commented, “The
$350 million credit facility, combined with our existing cash position
and positive cash flows, provides us with enhanced liquidity as we
pursue our strategic growth plans. This transaction also shows the
confidence that our banking partners have in Stage Stores and we greatly
appreciate their support.”
Stage Stores, Inc. operates primarily in small and mid-sized towns and
communities. Its stores, which operate under the Bealls, Goody’s, Palais
Royal, Peebles and Stage trademarks, offer moderately priced, nationally
recognized brand name apparel, accessories, cosmetics and footwear for
the entire family. The Company currently operates 852 stores in 40
states. The Company also has an eCommerce website. For more information
about Stage Stores, visit the Company’s web site at www.stagestoresinc.com.
Copyright Business Wire 2014