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ALCO Stores details pricing on $142.5 million revolver, term loans
By Marisa Wong
Madison, Wis., June 6 – ALCO Stores, Inc. closed on an amended and restated credit agreement on May 30 that provides for a $125 million senior secured revolver, a $5 million real estate term loan and a $12.5 million term loan.
The company released pricing for the five-year loans in an 8-K filed Friday with the Securities and Exchange Commission.
Interest for the revolver is equal to Libor plus 175 basis points to 225 bps, based on average daily uncapped excess availability.
The commercial letter-of-credit fee ranges from 125 bps to 175 bps, and the standby letter-of-credit fee ranges from 175 bps to 225 bps, also based on average daily uncapped excess availability.
Interest for the real estate term loan is equal to Libor plus 500 bps, subject to a 1% Libor floor.
Interest on the term loan is Libor plus 700 bps, subject to a 1% Libor floor.
As previously announced, the amended credit agreement restates the company’s credit agreement dated July 21, 2011 by increasing the total size to $142.5 million from $130 million and extending the maturity to 2019.
As of the end of the first quarter of 2014, the company had $85,228,969 borrowed under the previous credit agreement, the filing noted.
The additional availability will be collateralized by five owned properties (four retail stores and the company’s distribution center) and expanded access to inventory assets, according to a prior press release.
Proceeds will be used for working capital and general corporate purposes.
Wells Fargo Bank, NA is the lead arranger and bookrunner, term loan agent and administrative agent, collateral agent and swingline lender.
ALCO is a broad-line retailer based in Coppell, Texas.
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