Hancock Fabrics amends, restates credit agreement
by MBJ Staff
Published: November 26,2012
BALDWYN — Hancock Fabrics Inc. has entered into an amended and restated loan and security agreement.
The new, $100-million senior secured asset-based credit facility matures in November 2016 and replaces the company’s existing revolving credit agreement, which would have matured in August 2013.
General Electric Capital Corporation will serve as working capital agent, issuing bank, and syndication agent. GE Capital Markets Inc. acted as sole lead arranger, manager and bookrunner on the working capital facility.
The company also closed on a $15-million term loan credit facility, which will mature in November 2016. GA Capital, LLC and GE Capital Markets Inc. acted as joint term loan lead arranger and joint bookrunner on the term B facility. GA Capital, LLC will serve as the administrative agent. Term B facility lenders are expected to include General Electric Capital Corporation, Apollo Centre Street Partnership, LP, and Stone Tower Credit Solutions Fund, LP.
Steve Morgan, president and CEO, said, “We are encouraged by this ongoing show of support from GE Capital, Corporate Retail Finance as well as our new partner GA Capital. Both of these groups are extremely knowledgeable and experienced in the retail finance arena. This extension and additional capital provides us the time to execute our operational improvement plans as well as the flexibility to retire a significant portion of our subordinated debt.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Attorney McRae challenging Miss. treasurer in GOP primary
- Judge names receiver for KiOR plant, but tax payment unclear
- DAVID DALLAS — Roger Wicker: Profile in discouragement
- Rival plans filed to end Cleveland schools federal oversight
- Choctaws' new hospital nearing completion
- Ecolab reducing Columbus workforce
- Tommy Robertson indicted on five counts of embezzlement
- Production under way at Grammer AG in Tupelo
- State's ventures into alt-fuel markets net few jobs