Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Woolworth -- Ignore unavailable to you. Want to Upgrade?

To: Duker who wrote (172)	9/24/1999 4:16:00 PM
From: Duker	Read Replies (1) \| Respond to of 179

JUST FOR FEET, INC. Announces New Credit Facilities Aggregating $215 Million BIRMINGHAM, Ala., Sept. 24 /PRNewswire/ -- JUST FOR FEET, INC. (Nasdaq: FEET - news), today announced that it has consummated a new senior credit facility of $175.0 million and a revised senior credit facility of $40.0 million, for a total of $215.0 million. The two-year $175.0 million senior secured revolving credit facility is provided by a syndicate of banks, led by Bank of America through its Business Credit group. This revolving facility, which is secured by substantially all of the assets of the Company and its domestic subsidiaries, will permit borrowings of up to the lesser of $175.0 million or a calculated borrowing base that is a percentage of eligible inventory. The two-year $40.0 million senior secured loan is provided by the Company's existing bank group, led by Bank of America, is guaranteed by the Company's domestic subsidiaries and is secured by a second lien on accounts receivable, inventory, all of the stock of the Company's domestic subsidiaries and 66-2/3% of the stock of the Company's foreign subsidiary. These facilities replace the Company's former $200.0 million revolving credit facility, under which $166.0 million was outstanding as of September 23, 1999. The Company believes that the funds available to it under these facilities, along with cash on hand and internally generated funds, will provide adequate liquidity through the end of the current fiscal year. The Company intends to file its quarterly report on Form 10-Q for the second quarter ended July 31, 1999 on Monday, September 27, 1999. The Company has engaged Wasserstein Perella & Co., Inc. as its financial advisor to provide advice concerning all alternatives available to the Company which may include, but are not limited to, raising capital, selling certain stores, divisions or other assets of the Company or a combination thereof. Helen M. Rockey, the Company's President and Chief Executive Officer, stated that, ``the new increased facility provides the Company with greater liquidity and flexibility than the previous facility. It gives us the support we need to continue our efforts to reenergize our core business.' JUST FOR FEET, INC. operates both large format superstores and smaller specialty stores which specialize in brand-name athletic and outdoor footwear and apparel. The Just For Feet superstores feature a full line of sports related apparel, a high level of customer service and a distinctive combination of entertainment elements creating an exciting shopping experience. The Company operates 151 Just For Feet superstores in 26 states and Puerto Rico and 172 Company and 38 franchised specialty stores in 23 states and Puerto Rico. Certain statements contained in this press release are ``forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward- looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. SOURCE: JUST FOR FEET, INC. -------------------------------------------------------------------------------- More Quotes and News: JUST FOR FEET (NasdaqNM:FEETE - news) Related News Categories: retail, sports