JACOBSON’S REFINANCES $65M
NEW YORK — Jacobson Stores Inc., based in Jackson, Mich., has completed a $65 million financing replacing its existing $65 million facility with the same banks.
The latest agreement provides for a revolving credit of $45 million and a term loan of $20 million, while the old deal included a $30 million term loan and a $35 million revolver.
Comerica Bank will provide $35 million of the new facility and NBD Bank, the other $30 million. Last November, Jacobson’s announced that the banks had accepted the terms of the new facility.
For the nine months ended Oct. 28, Jacobson’s reported a loss of $7.4 million on sales of $281.2 million.
In a statement, Mark K. Rosenfeld, Jacobson’s chairman and chief executive officer, said the financing demonstrated the banks’ confidence in the company.
Jacobson operates 26 specialty stores in Michigan, Ohio, Indiana, Kentucky and Florida.