Stein Mart obtains $150 million revolver

By Sara Rosenberg

New York, July 23 - Stein Mart Inc. closed on a $150 million three-year senior revolver, with the option to increase the facility by $25 million and extend the term for an additional year. Wachovia Bank and Fleet Retail Finance Inc. were the lead arrangers on the deal.

The new revolver, which replaces the Jacksonville, Fla. retail store operator's existing credit facility, will be used for general corporate purposes, primarily for seasonal working capital needs. Under the previous revolver, the company was not in compliance with certain financial covenants at May 3.

"This new credit facility provides the company more attractive borrowing terms and greater flexibility than our previous agreement," noted Michael D. Fisher, president and chief executive officer, in a news release. "Access to capital under these advantageous terms provides us with expanded opportunities to maximize productivity."

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