Hancock gets $110 million credit facility

BALDWYN, Miss. — Hancock Fabrics has entered into an agreement with Wachovia Bank, National Association, and Wachovia Capital Markets LLC for a secured revolving loan and letter of credit facility of up to $110 million.

The new facility would replace Hancock's current unsecured $50 million credit agreement and will have substantially less restrictive operating covenants, according to the company. The interest rate will be only slightly higher than Hancock's current rate.

The deal is expected to be completed within four to six weeks.

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