Orchard Supply Hardware Amends Facility With JPMorgan, Wells Fargo
On December 22, 2011, Orchard Supply Hardware, LLC, a subsidiary of Orchard Supply Hardware Stores Corp., and certain subsidiaries entered into an amendment and restatement agreement with JPMorgan Chase Bank, as administrative agent and collateral agent, amending and restating its senior secured term loan agreement, dated as of December 21, 2006 (as amended on January 28, 2011, the “term loan agreement,” and as amended by the term loan agreement, the “amended and restated term loan agreement”).
Pursuant to the term loan agreement, the lenders thereunder extended term loans to Orchard Supply in an aggregate principal amount of $200 million under a seven-year term loan facility.
The term loan agreement was amended and restated to, among other things:
The company also entered into a second amended and restated senior secured credit agreement with Wells Fargo Bank as ABL administrative agent and collateral agent. This amendment alters a credit agreement entered into as of January 29, 2010 (the ABL credit agreement), among the company, and Wells Fargo Retail Finance in order to consent to the increased pricing applicable to the extended term loans under the term loan amendment.
The ABL amendment also amended the ABL credit agreement to, among other things: