The Bon-Ton Stores Inc. said today it obtained a $675 million credit facility that it will use for general corporate purposes.
Bon-Ton is a York retailer that operates 278 department and furniture stores in 23 states.
"We believe this credit facility, coupled with the recently announced . . . loan, provides us with increased liquidity and positions the Bon-Ton well for the future," said Keith Plowman, the chain's chief financial officer.
The new 3 1/2-year financing will replace an $800 million arrangement that was to expire in 2011.
The new facility was arranged with Bank of America Merrill Lynch, GE Capital Markets Inc., and Wells Fargo Retail Finance. - Paul Schweizer