Daily News: May 1, 2017

Bank of America Agents Bon-Ton Extension

The Bon-Ton Stores successfully completed the closing of an extension of its $730 million ABL Tranche A credit facility in advance of its December 2018 maturity date.

The Tranche A revolving facility is now due to mature in April 2022. Pricing and all other terms of the ABL facility are essentially unchanged, and the total commitment under the facility remains at $880 million. According to related SEC filings, Bank of America served as administrative agent for the financings.

Nancy Walsh, Bon-Ton executive vice president and chief financial officer, said, “We are excited to have successfully completed the extension of our ABL credit facility, securing our borrowing capacity and extending our debt maturities. We appreciate the ongoing support of our existing bank group, and welcome our new lenders to the ABL facility. Over the last two years, we have taken meaningful steps to improve our balance sheet by repaying and refinancing debt. We now have increased financial flexibility to execute our long term strategic initiatives.”

The Bon-Ton Stores operates 261 stores, which includes nine furniture galleries and four clearance centers, in 25 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings.