The 99 Cents Only Stores completed an amendment and extension of its asset-based revolving credit facility, which now provides commitments up to $160 million and extends the maturity date by five years Borrowings under the ABL facility are subject to a borrowing base calculated by reference to the company’s inventory balance.

Royal Bank of Canada, UBS AG and Citizens Business Capital acted as joint lead arrangers.

“The ABL facility is an important part of 99 Cents Only Stores’ capital structure and we are very pleased with the successful completion of this five-year amendment,” said Geoffrey Covert, president and CEO.

The amendment also modifies the interest rate margins payable under the ABL facility. The initial applicable margin for borrowings under the ABL facility is 2.0% with respect to base rate borrowings and 3.0% with respect to Eurocurrency rate borrowings, and is subject to adjustment each fiscal quarter.

The 99 Cents Only Stores operates 391 retail stores.