Destination Maternity Announces New Credit Facility With WFB
Destination Maternity Corporation, a maternity apparel retailer, announced that it has entered into a new $61 million revolving credit facility with Wells Fargo Bank. The new credit facility replaces the company’s $55 million revolving credit facility with Bank of America, which was due to mature on January 13, 2013. The company also announced that, as of November 1, 2012, it has repaid the remaining principal amount ($13.4 million) of its senior secured term loan, which was due to mature on March 13, 2013.
“We are very pleased to announce our new credit facility with Wells Fargo and the repayment of the remaining balance of our Term Loan (which had an original principal balance of $90 million in March 2007),