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Le Château gets $70mn credit facility from GE capital
28 Apr '12
4 min read
Credit Facilities
Company entered into a Credit Agreement with GE Capital Canada as the lead lender for an asset based credit facility of up to $70.0 million, replacing its previous credit facility of $22.0 million.
The revolving credit facility is collateralized by the Company's credit card accounts receivable and inventories, as defined in the agreement. The facility has a term of 3 years and consists of revolving credit loans, which include both a swing line loan facility limited to $15.0 million and a letter of credit facility limited to $15.0 million.
Further details regarding the facility are set out in the Management's Discussion and Analysis for fiscal 2012 which is available at the Company's profile on sedar.com.
In addition, the Company has an import line of credit of $25.0 million, which includes a $1.0 million loan facility. The import line is for letters of credit which guarantee the payment of purchases from foreign suppliers.
The Company uses the above facilities and lines of credit from time to time in the ordinary course of its business.
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men.
Company entered into a Credit Agreement with GE Capital Canada as the lead lender for an asset based credit facility of up to $70.0 million, replacing its previous credit facility of $22.0 million.
The revolving credit facility is collateralized by the Company's credit card accounts receivable and inventories, as defined in the agreement. The facility has a term of 3 years and consists of revolving credit loans, which include both a swing line loan facility limited to $15.0 million and a letter of credit facility limited to $15.0 million.
Further details regarding the facility are set out in the Management's Discussion and Analysis for fiscal 2012 which is available at the Company's profile on sedar.com.
In addition, the Company has an import line of credit of $25.0 million, which includes a $1.0 million loan facility. The import line is for letters of credit which guarantee the payment of purchases from foreign suppliers.
The Company uses the above facilities and lines of credit from time to time in the ordinary course of its business.
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men.
Le Château Inc
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