On December 11, 2000, Value City Department Stores, Inc. amended and restated its $300 million bank credit facility with its existing lenders. The facility, which expires on March 15, 2003, provides for revolving and overnight loans and letters of credit. Outstanding advances are secured by a lien on assets and are subject to a monthly borrowing base of eligible inventories and receivables, as defined. The new agreement has certain restrictive covenants and financial ratio tests.
On December 11, 2000 The Company has also completed a $50 million subordinated secured credit facility with Schottenstein Stores Corporation ("SSC") to supplement operating cash requirements. Outstanding advances under the agreement are subordinated to the bank credit facility and are subject to a junior lien on assets securing the bank credit facility.
Additionally, on December 11, 2000, the $75 million Senior Subordinated Convertible
Loan Agreement, dated as of March 15, 2000, was purchased by SSC under the same
continuing terms.
For
More Information Contact:
James McGrady
Phone: (614) 478-2300
Value City Department Stores, Inc.
3241 Westerville Road, Columbus, OH 43224