AMES @ 4.5! ART
Ames Receives $800 Million Commitment From
GE Capital
Business Wire - January 24, 2001 09:58
ROCKY HILL, Conn.--(BUSINESS WIRE)--Jan. 24, 2001--Ames
Department Stores, Inc. (NASDAQ: AMES) announced today that it has
signed a commitment for $800 million of senior secured financing from GE
Capital. This three-year facility replaces the company's existing $650 million
senior credit facility. The terms of the new facility include a higher borrowing
base and advance rate which, along with other features, will significantly
increase availability and strengthen the company's cash flow and financial
flexibility.
"The new facility will give us added flexibility to follow through on many of the
initiatives we have put into place over the last two years," said Joseph R.
Ettore, Ames Chairman & CEO. "In addition, it puts us in a position to enhance
profitability even in this tough retail environment."
With 447 stores located in 19 states and the District of Columbia, Ames is the
nation's largest regional, full-line discount retailer with annual sales of
approximately $4 billion. Ames offers a broad range of merchandise categories
including family apparel, housewares, domestics, electronics,
ready-to-assemble and patio furniture, jewelry, craft and pet supplies, health
and beauty care items, stationery, sporting goods, toys seasonal products and
more.
For fax copies of Ames' most recent news releases, dial 1-800-925-7792. To
find the location of the Ames store nearest you, dial 1-800-SHOP-AMES.
Visit us a amesstores.com or espanol.amessstores.com.
CONTACT: Ames Department Stores, Inc., Rocky Hill
Mary McCabe, 860/257-2590
mmccabe@ameshome.com |
