BofA Agents Bon-Ton ABL Facility Amendment
The Bon-Ton Stores announced it entered into an amendment to its existing $675 million asset-based revolving credit facility that was scheduled to mature in March 2016. Bank of America continues to serve as agent on the credit facility.
The second amendment extends the maturity date of the commitments under the credit facility to December 12, 2018. The amendment provides interest rate reductions and generally favorable revisions regarding the facility requirements.
Keith Plowman, executive vice president and chief financial officer, commented, “We are very pleased with the enhancements made to our facility, which we believe position us well for the future. We appreciate the strong level of support from our lending group of bank institutions.”
The Bon-Ton Stores operates 273 department stores 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.