The Bon-Ton Stores, Inc. announced that it has entered into an amendment to the Company's existing $675 million asset-based revolving credit facility that was scheduled to mature in March 2016. Bank of America, N.A. continues to serve as Agent on the credit facility.
The Second Amendment extends the maturity date of the commitments under the credit facility to December 12, 2018. The amendment provides interest rate reductions and generally favorable revisions regarding the facility requirements. For details, please see the Company's Form 8-K that will be filed.
Keith Plowman, Executive Vice President and Chief Financial Officer, commented, "We are very pleased with the enhancements made to our facility, which we believe position us well for the future. We appreciate the strong level of support from our lending group of bank institutions."
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 273 department stores, which includes 10 furniture galleries, in 25 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates.