BofA Agents ABL Facility Expansion for Conn’s
Conn’s announced that it completed an expansion and extension of its ABL facility with a syndicate of banks. According to an 8-K dated November 26, 2013, Bank of America acted as administrative agent.
Under the amended terms, the revolving facility commitment increased $265 million to $850 million and the maturity date was extended to November 2017. Commitment levels within the existing syndicate of banks increased $165 million. Four additional lenders joined the bank syndicate, accounting for the balance of the $265 million expansion in commitments under the ABL facility. Borrowing costs under the facility were also reduced by 25 basis points.
Conn’s is a specialty retailer operating more than 70 retail locations in Texas, Louisiana, Arizona, Oklahoma and New Mexico.