Coldwater Creek extends credit facility, adds $15 million term loan

By Angela McDaniels

Tacoma, Wash., May 17 - Coldwater Creek Inc. amended its credit facility on Monday to add a $15 million term loan and to extend the maturity date by three years to May 16, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The amount available under the $70 million revolver remains unchanged, but the company now has the option to request that the revolver be increased to $85 million.

The interest rate margin on the amended revolver is 100 basis points to 250 bps, and the commitment fee is 37.5 bps to 50 bps. Both depend on availability. Before the amendment, the margin was 225 bps to 275 bps and the commitment fee was 50 bps.

The interest rate on the term loan is Libor plus 600 bps.

As part of the amendment, the company granted the lenders a security interest in its Sandpoint, Idaho, corporate offices and certain other assets.

The borrowers under the facility are subsidiaries Coldwater Creek U.S. Inc., Coldwater Creek The Spa, Inc. and Coldwater Creek Merchandising & Logistics Inc.

Wells Fargo Bank, NA is the administrative agent.

Coldwater Creek is a specialty retailer of women's apparel.

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