Burlington Coat now has an amended credit agreement that will now come due in September of 2016.
Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries (the “Company”), a nationwide retailer based in Burlington, New Jersey, today announced that on September 2, 2011, Burlington Coat Factory Warehouse Corporation (“BCFWC”) entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement) governing BCFWC’s asset-based revolving credit facility. The Amended Credit Agreement is more fully described in the Current Report on Form 8-K filed by the Company today with the Securities and Exchange Commission.
Highlights of the Amended Credit Agreement include the following:
- Maturity Date: Extended to September 2, 2016.
- Commitments: Remain at $600,000,000 in the aggregate and, subject to certain conditions, may be increased to $900,000,000.
- Interest Rates and Fees: Interest rates and other bank fees are lower than under the previous credit agreement governing BCFWC’s revolving credit facility.
The Company’s other long term debt was replaced in February 2011 with a new $1.0 billion senior secured term loan facility which matures in 2017 and $450 million aggregate principal amount of 10% Senior Notes due 2019. With the completion of the Amended Credit Agreement, the Company now has no significant debt amortization or maturity over the next five years.
