Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BON TON STORES INC | c93428e8vk.htm |
| EX-10.1 - EXHIBIT 10.1 - BON TON STORES INC | c93428exv10w1.htm |
EXHIBIT 99.1
THE BON-TON STORES, INC. ANNOUNCES AMENDED AND
RESTATED REVOLVING CREDIT FACILITY
RESTATED REVOLVING CREDIT FACILITY
York, PA, December 7, 2009 — The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced
that it has entered into an amended and restated revolving credit agreement. The new $675 million,
3.5-year, senior secured asset-based credit facility (the “New Credit Facility”) replaces the
Company’s existing $800 million asset-based revolving credit facility (the “Existing Credit
Facility”) that was scheduled to mature in March 2011. Bank of America, N.A. will serve as
Administrative Agent on the New Credit Facility. Bank of America Merrill Lynch; GE Capital
Markets, Inc.; and Wells Fargo Retail Finance LLC are acting as Joint Lead Arrangers and Joint Book
Runners on the New Credit Facility.
Borrowings under the New Credit Facility will be used for general corporate purposes. As in
the Existing Credit Facility, the only financial covenant in the New Credit Facility is a minimum
borrowing availability of $75 million.
Keith Plowman, Executive Vice President and Chief Financial Officer, commented, “As we stated
in the November 18, 2009 press release, we are very pleased with the strong level of support from
our lending group of bank institutions. We believe this facility, coupled with the recently
announced Second Lien Term Loan Facility, provides us with increased liquidity and positions the
Company well for the future.”
The Bon-Ton Stores, Inc., with headquarters in York, Pennsylvania and Milwaukee, Wisconsin,
operates 278 stores, including 11 furniture galleries, in 23 states in the Northeast, Midwest and
upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson Pirie Scott, Elder-Beerman,
Herberger’s and Younkers nameplates and, in the Detroit, Michigan area, under the Parisian
nameplate. The stores offer a broad assortment of brand-name fashion apparel and accessories for
women, men and children, as well as cosmetics and home furnishings. For further information,
please visit the investor relations section of the Company’s website at
http://investors.bonton.com.
Certain information included in this press release contains statements that are forward-looking
within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, which may be identified by words such as “may,” “could,” “will,” “plan,” “expect,”
“anticipate,” “estimate,” “project,” “intend” or other similar expressions, involve important risks
and uncertainties that could significantly affect results in the future and, accordingly, such
results may differ from those expressed in any forward-looking statements made by or on behalf of
the Company. Factors that could cause such differences include, but are not limited to, risks
related to retail businesses generally; a significant and prolonged deterioration of general
economic conditions which could negatively impact the Company, including the potential write-down
of the current valuation of intangible assets and deferred taxes; changes in the terms of the
Company’s proprietary credit card program; potential increase in pension obligations; consumer
spending patterns, debt levels, and the availability and cost of consumer credit; additional
competition from existing and new competitors; inflation; changes in the costs of fuel and other
energy and transportation costs; weather conditions that could negatively impact sales;
uncertainties associated with expanding or remodeling existing stores; the ability to attract and
retain qualified management; the dependence upon relationships with vendors and their factors; a
security breach; the ability to reduce SG&A expenses; the incurrence of unplanned capital
expenditures; and the ability to realize the expected benefits from our planned changes in
operating structure and the ability to obtain financing for working capital, capital expenditures
and general corporate purposes. Additional factors that could cause the Company’s actual results
to differ from those contained in these forward-looking statements are discussed in greater detail
under Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission.
CONTACT:
Mary Kerr
Vice President
Investor & Public Relations
(717) 751-3071
mkerr@bonton.com
Mary Kerr
Vice President
Investor & Public Relations
(717) 751-3071
mkerr@bonton.com