SAN FRANCISCO (dpa-AFX) - On Tuesday, Belk, a department store chain serving the southeastern United States, said it secured $1.275 billion in new senior secured credit facilities from Wells Fargo Bank (WFC) and Pathlight Capital.
The five-year financing includes a $900 million asset-based revolving credit facility and a $375 million first-in, last-out (FILO) term loan. It replaces Belk's existing credit and securitization facilities, simplifies its capital structure and improves liquidity to fund working capital, seasonal inventory and general corporate needs.
The loans are secured by assets including inventory, receivables, real estate, equipment, intellectual property and the company's private-label credit card program.
On the NYSE, the shares for Wells Fargo were trading 0.20 percent up at $81.96.
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