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Bon-Ton Stores receives $316mn from HSBC's credit card sales

12
Jul '05
A leading quality fashion department stores The Bon-Ton Stores Inc announced that on Friday, July 8, 2005, it completed the sale of its proprietary credit card business to HSBC Retail Services.

Under the terms of the agreement between Bon-Ton and HSBC previously reported in Bon-Ton's June 21, 2005 press release, HSBC acquired Bon-Ton's portfolio of existing private label credit card accounts and the outstanding balances associated with those accounts.

Bon-Ton received $316 million in gross proceeds representing cash for the account balances outstanding plus a 5% premium.

This amount will be used for the repayment of $226 million representing the net amount sold under the Bon-Ton's accounts receivable securitization facility, with the remaining proceeds of $90 million used to reduce debt outstanding under its revolving credit facility and for general corporate purposes.

As stated in the previous press release, no changes are planned to Bon-Ton's credit card loyalty reward programs and customers should continue to use their Bon-Ton credit cards in the same manner as they do today.

The Bon-Ton Stores Inc operates 139 department stores and two furniture stores in 16 states from the Northeast to the Midwest under the Bon-Ton and Elder-Beerman names. The stores carry a broad assortment of quality brand-name fashion apparel and accessories for women, men and children, as well as distinctive home furnishings.

The Bon-Ton Stores Inc


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