Stage Stores closes expanded $350 million five-year secured revolver

By Susanna Moon

Chicago, Oct. 7 – Stage Stores, Inc. said it obtained an expanded $350 million five-year senior secured revolving credit facility.

The amended facility upsizes availability to $300 million, with a seasonal lift to $350 million, and provides better pricing terms, according to a company press release.

Proceeds will be used for working capital and general corporate purposes, as well as to finance capital expenditures and to support the company’s letters of credit requirements.

Wells Fargo Capital Finance, BofA Merrill Lynch, JPMorgan Chase Bank, NA and Regions Bank are the joint lead arrangers and bookrunning managers.

Wells Fargo Capital Finance is the administrative and collateral agent; JPMorgan and Regions Bank are the co-documentation agents; Bank of America is the syndication agent.

The lenders are Wells Fargo Capital Finance, JPMorgan, Regions Bank and Bank of America.

The maturity was extended to Oct. 6, 2019.

The facility replaces the company’s $250 million senior secured revolving credit facility, which had been set to mature on June 30, 2016.

“The $350 million credit facility, combined with our existing cash position and positive cash flows, provides us with enhanced liquidity as we pursue our strategic growth plans,” Michael Glazer, the company’s president and chief executive officer, said in the press release.

Stage Stores is a Houston-based retailer of apparel, accessories, cosmetics and footwear.

© 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.