Gottschalks amends and restates facility, increasing availability, extending tenor

By Sara Rosenberg

New York, Oct. 1 - Gottschalks Inc. amended and restated its credit facility to expand availability to $200 million and extend the maturity to September 2012, according to a company news release.

GE Commercial Finance Corporate Lending is the lead bank on the deal.

"The expanded and extended facility provides us with a stronger financial structure and greater flexibility. We now have the ability to implement our previously announced share repurchase program as well as reduce higher cost debt," said Greg Ambro, executive vice president and chief operating officer, in the release.

"Further, our increased borrowing capacity now gives us additional resources to direct toward our plans for an accelerated new store opening program and the completion of an increased number of store remodels.

Gottschalks is a Fresno, Calif.-based regional department store chain.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.