Hart Stores Enters into $25 Million Revolving Facility With CIBC
Hart Stores Inc. announced that it has entered into a previously announced fully committed revolving credit facility in an aggregate principal amount of $25 million, made available by CIBC Asset-Based Lending, acting as agent and lender. The new asset-based revolving credit facility replaces Hart Stores’ previous credit facility with Wells Fargo Capital Finance Corporation Canada, and will fund Hart Stores’ operations.
Under the revolving credit facility, Hart Stores has access to various direct cash advances, limited to a variable percentage of Hart Stores’ borrowing base less certain specified reserves.
As security for the revolving credit facility, Hart Stores has granted CIBC Asset-Based Lending a first-ranking security interest on all of Hart Stores’ movable (personal) property, subject to permitted liens. The revolving credit facility matures on March 3, 2014.
Hart Stores Inc. operates a network of 60 mid-sized department stores under the Hart, Bargain Giant and Geant des Aubaines banners. The stores are located in secondary and tertiary markets throughout Eastern Canada where the company has established a dominant position in many of the communities that it serves.
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