National Home Center

National Home Centers Inc. announced on July 20 the refinancing of its working capital line of credit with a new four-year, $20 million revolving line of credit with NationsCredit Commercial Corp., through its Commercial Funding Division headquartered in New York City. The new loan was used to pay down existing debt and for other general corporate purposes.

The company also announced the sale of certain real estate on Joyce Street in Fayetteville. The land and building were sold to Home Depot U.S.A. Inc. The transaction included a 150,000-SF retail store on 15.7 acres. Terms of the transaction weren’t disclosed.

“During the second quarter we continued to implement our plan of transition back to professional contractors with less emphasis on retail consumers as evidenced by the announcement today of the Fayetteville store sale,” said Dwain A. Newman, chairman and CEO of National Home Centers. “The proceeds of the sale have allowed us to pay off several million dollars of debt. We felt the transaction was attractive for both companies.

“Also last week, we completed the $20 million working capital line of credit with NationsCredit and look forward to a long relationship with them. This was a key piece of refinancing for us. We have made good progress with our business plan over the past several months to focus more on professional contractors and further reduce debt. We now await the completion of the west Rogers store sale to Lowe’s Home Centers, Inc., within the next several days.”