Daily News: April 11, 2013

JPMorgan Leads New 1-800-FLOWERS.COM Amendment

1-800-FLOWERS.COM, the world’s leading florist and gift shop, announced it has entered into a new, amended and restated credit agreement with a syndicate of banks and other financial institutions led by JPMorgan Chase Bank.

The company said the new credit facility is comprised entirely of a $200 million revolving line of credit that features a reduction in the interest rate the company will pay on any borrowings to LIBOR plus a range of 150 to 225 basis points, based on the company’s leverage ratio, down from an interest rate of LIBOR plus a range of 300 to 375 basis points under its previous credit agreement. All borrowings under the new credit facility are guaranteed by the material subsidiaries of the company and secured by assets and stock of its subsidiaries.