Dillard’s amends credit facility
by July 2, 2013 9:10 am 121 views
Dillard’s Inc. announced today (July 2) it has it has amended and extended its $1 billion senior secured revolving credit facility, taking advantage of favorable market conditions.
The facility pricing was improved and the maturity has been extended an additional year to July 1, 2018.
The amended facility (money access) is available to the company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases.
There are no financial covenant requirements under the credit agreement provided availability exceeds $100 million.
The credit facility was arranged by J.P. Morgan Securities and Wells Fargo Capital Finance.
Shares of Dillard’s were trading this morning at $82.32 up 15 cents over the opening price. Over the past 52 weeks the share price has ranged from $60.76 to $94.86.
The Little Rock-based retailer will report earnings on Aug. 5.