Dillard's amends revolver, ups size to $1 billion and extends term to 2008

By Sara Rosenberg

New York, Dec. 15 - Dillard's Inc. said it amended its senior secured revolving credit facility to increase the size to $1 billion from $400 million and to extend the term by five years to December 2008. JPMorgan Chase Bank and Fleet Securities Inc. acted as joint lead arrangers on the deal.

Of the total amount, $835 million of the facility is available immediately with an additional $165 million becoming available immediately upon the redemption of $331.6 million preferred securities effective Feb. 2, 2004, according to a company news release.

There are no financial covenant requirements under the amended credit facility provided that availability under the agreement exceeds $100 million.

Proceeds will be used for general corporate purposes including working capital financing, the issuance of letters of credit, capital expenditures, and, subject to certain restrictions, the repayment of existing debt.

Dillard's is a Little Rock, Ark., fashion apparel and home furnishing retailer.

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