Daily News: July 23, 2012

Anna’s Linens Renews, Expands Credit Facility With Union Bank

Anna’s Linens, Inc. announced that it has entered into a new four-year $70 million secured revolving line of credit with Union Bank. The new credit facility expands the company’s borrowing capacity to $70 million. This is an increase from $50 million under the company’s previous line of credit. The new line of credit provides Anna’s with favorable interest cost, limited financial covenants, and flexibility to support the company’s strategic growth initiatives.

“This agreement represents a major accomplishment for Anna’s,” said Alan Gladstone, the company’s founder and chief executive officer. “Union Bank has shown its confidence in Anna’s Linens by providing an increased line capacity and a four-year term in times where credit is still difficult to obtain. We are proud of Union Bank’s commitment to Anna’s, illustrating its confidence in our financial condition, strategic initiatives, and long-term growth potential as the leader in value-priced home fashions sector. The new facility provides us with the resources and flexibility to continue our aggressive growth strategy.”

“We are happy to continue our strong partnership with Anna’s Linens,” said senior vice president Michael Murphy, division manager of Union Bank’s Commercial Finance Division. “The Company has demonstrated tremendous resilience in a challenging environment, and through successful initiatives, is well positioned to build upon its recent strong momentum. This new credit facility demonstrates Union Bank’s confidence in Anna’s current and future business strategies.”

Anna’s Linens is the provider in fashions for the home.