Tuesday Morning in new, improved credit deal
Home & Textiles Today Staff -- Home Textiles Today, December 17, 2008
Dallas – Closeout chain Tuesday Morning has entered into a new, five-year, $150 million senior secured revolving credit facility with Bank of America, N.A. as administrative agent and Wells Fargo Retail Finance, LLC as joint lead arranger.
The new facility, said the 851-store retailer, “provides the company with more availability and liquidity” than the previous one, “and does not have financial covenants.”
Kathleen Mason, president and ceo, said, “Securing a new credit facility which provides us with greater flexibility than our previous facility is a testament to the strength of our balance sheet. We believe that this facility represents a competitive advantage in this challenging retail environment and should give greater confidence to our shareholders and vendor partners that we are well positioned to weather the current economic storm.”