ShopKo retires $100 million term loan

By Sara Rosenberg

New York, Dec. 13 - ShopKo Stores Inc. voluntarily retired its $100 million term loan by using its revolver to fund the outstanding amount under the term loan. Fleet Retail Finance Inc. was the lead bank on the loan.

The transaction reduced the company's credit facility to $500 million from $600 million.

"Because we have made significant progress in reducing working capital, the capacity under the facility is no longer required," said R. John Pindred, vice president and treasurer, in a news release. "The voluntary retirement of the term loan demonstrates confidence in our company's ability to continue to generate strong cashflows and effectively manage working capital."

ShopKo is a Green Bay, Wis. operator of retail stores.

© 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.