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Women's apparel retailer negotiates credit facility amendment
22 Apr '08
1 min read
Coldwater Creek Inc announced that it has successfully amended the terms of its $60 million five-year revolving credit facility with Wells Fargo Bank.
Tim Martin, Coldwater Creek's Chief Financial Officer, said, "We are pleased to continue our long relationship with Wells Fargo Bank and appreciate their confidence in Coldwater Creek. They have been valuable in assisting us, as we execute our long-term growth plan."
The amendment provides the Company with additional operating flexibility by reducing the quarterly fixed charge coverage requirement for the remainder of fiscal 2008.
The Company also agreed that it will not repurchase Coldwater Creek stock prior to May 2, 2009 and will maintain liquidity of at least $30 million through April 2009. The amount available under the facility and the term were unchanged by the amendment.
At the end of fiscal 2007, the company had $62.5 million in cash, $115.8 million in working capital and no borrowings under its bank facility.
The Company believes that the cash-on-hand and working capital, along with cash flow from operations will be sufficient to fund operations and anticipated capital expenditures as the Company continues to expand its retail channel in fiscal 2008.
Tim Martin, Coldwater Creek's Chief Financial Officer, said, "We are pleased to continue our long relationship with Wells Fargo Bank and appreciate their confidence in Coldwater Creek. They have been valuable in assisting us, as we execute our long-term growth plan."
The amendment provides the Company with additional operating flexibility by reducing the quarterly fixed charge coverage requirement for the remainder of fiscal 2008.
The Company also agreed that it will not repurchase Coldwater Creek stock prior to May 2, 2009 and will maintain liquidity of at least $30 million through April 2009. The amount available under the facility and the term were unchanged by the amendment.
At the end of fiscal 2007, the company had $62.5 million in cash, $115.8 million in working capital and no borrowings under its bank facility.
The Company believes that the cash-on-hand and working capital, along with cash flow from operations will be sufficient to fund operations and anticipated capital expenditures as the Company continues to expand its retail channel in fiscal 2008.
Coldwater Creek Inc
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