Anna's renews, boosts credit facility to $50 million
May 4, 2010-- Home Textiles Today,
Costa Mesa, Calif. – Anna’s Linens Inc. has entered into a new four-year, $50 million secured revolving line of credit with Union Bank N.A.
The company said this new credit facility “immediately expands” Anna’s borrowing capacity to $50 million during the 254-unit discount chain’s peak borrowing period between August 1 and December 15 of each year and $45 million for the remainder of the year. It represents an increase from the $40 million under the company’s previous line of credit.
“This agreement represents a major milestone for Anna’s,” said Alan Gladstone, Anna’s founder and ceo. “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 their 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.”
Union Bank’s Michael Murphy, svp, division manager of commercial finance division, said the bank is “happy to continue our strong partnership with Anna’s Linens.”
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