Bon-Ton draws on $830 million revolver to retire mortgage facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 19 – Bon-Ton Stores, Inc. drew on its $830 million revolving credit facility on Thursday to retire its mortgage loan facility due in April, according to an 8-K filed with the Securities and Exchange Commission.

The mortgage loan facility had $102.4 million of outstanding principal and was secured by 12 properties.

To facilitate the transaction, the revolver was amended to include the special purpose entities that had previously participated in the company’s two mortgage loan facilities, the first of which was retired in June 2015.

As a result, the borrowing base availability under the revolving credit facility increased to reflect the addition of the properties.

The department store company is based in York, Pa.

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