Peter G. Michielutti, Senior Vice President, Chief Financial Officer of Christopher & Banks, commented, "We are pleased to have successfully completed our New Credit Facility under favorable terms.
“This New Credit Facility will provide Christopher & Banks with enhanced liquidity and greater capital flexibility with fewer covenants, as compared to the prior credit facility. The completion of this financing provides us additional support to execute our operating and strategic plans."
The amount of credit that is available under the New Credit Facility is determined as a percentage of the value of eligible inventory, credit card receivables and, subject to post-closing requirements, owned real estate, as reduced by certain reserves, all as more fully described in the New Credit Facility. The funds from the New Credit Facility may be used for working capital, issuance of letters of credit, capital expenditures and other corporate purposes.
The New Credit Facility contains one financial covenant, which requires the Company to maintain excess availability at all times equal to at least the greater of: (i) 10% of the Loan Cap (as defined in the New Credit Facility) and (ii) $3 million, in each case, as further described in the New Credit Facility. The Company does not currently anticipate borrowing under the New Credit Facility, but does intend to continue its use of letters of credit primarily with respect to purchasing goods from certain of its apparel vendors.
The Company and its subsidiaries are obligors under the New Credit Facility. The New Credit Facility is secured by substantially all assets of the Company and its subsidiaries, as well as the stock of the Company's subsidiaries.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing. As of July 12, 2012, the Company operates 655 stores in 44 states consisting of 386 Christopher & Banks stores, 179 stores in their women's plus size clothing division CJ Banks, 65 dual stores and 25 outlet stores.
Christopher & Banks Corporation
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