CATHERINES GETS BOOST IN REVOLVING CREDIT LINE
NEW YORK — Catherines Stores Inc., a specialty retailer of large-size apparel, has signed an amendment to its bank credit agreement that increases its revolving working capital line to $25 million from $20 million.
The amendment also extends the maturity date one year, to March 15, 1998, and lowers the rate on index-based loans.
Catherine’s said the amendment provides a $3 million swing loan for short-term needs and eases the requirements on outside indebtedness, paydown requirements and repurchase of the company’s stock. It also increased the company’s required operating coverage rations.
First American National Bank is lead bank and acts as agent for the bank group.
Based in Memphis, Catherine’s Stores operates 442 stores under the names Catherine’s, PS Plus Sizes, Plus Savings, Added Dimensions and The Answer.
— Fairchild News Service