Daily News: December 20, 2016

Wells Fargo Agents Stage Stores Facility Upsize to $450MM


Stage Stores increased the capacity under its credit facility from $350 million to $450 million, including a $50 million seasonal increase and $25 million letter of credit sublimit. The company also extended the term from October 6, 2019 until December 16, 2021. Borrowings under the credit facility remain available for working capital and general corporate purposes, as well as to finance capital expenditures and to support the company’s letter of credit requirements.

Wells Fargo served as administrative agent and collateral agent. The lenders were Wells Fargo, JPMorgan Chase, Regions Bank, Bank of America and SunTrust Bank.

Michael Glazer, Stage Stores’ president and CEO, said, “The $450 million credit facility provides us with enhanced liquidity as we continue to execute our strategic initiatives. This transaction also shows the confidence that our banking partners have in Stage Stores, and we greatly appreciate their support.”

Stage Stores operates 817 specialty department stores in 38 states and a direct-to-consumer channel under the Bealls, Goody’s, Palais Royal, Peebles and Stage nameplates.