OMAHA, NE Pamida Stores Operating Co, LLC (?Pamida?), a general merchandise retailer operating in smaller communities throughout 17 Midwest, North Central and Rocky Mountain states, today announced that it successfully completed an extension of its current credit facility.
The amended facility provides for up to $176 million in borrowing capacity, representing an increase of $15 million compared to the loan agreement set to expire in December 2010. In addition to extending the facility to January 2014, the amended agreement provides for an increase in availability, which improves the company?s liquidity.
“We are very pleased to report both the extension of credit and the improved liquidity that this amended loan agreement provides,” said Michael Moore, Chief Financial Officer. “We greatly appreciate the continued support we receive from our lenders, and a four year extension during these difficult economic times is a strong vote of confidence in Pamida?s future direction. We believe it speaks very highly that Wachovia, General Electric Capital, and Banc of America??all well regarded financial institutions??have each increased their commitment to Pamida.”
Wachovia Bank, National Association, a subsidiary of Wells Fargo, continues to serve as the administrative agent for the banking group, as well as co borrowing base agent. Wachovia, together with Banc of America Securities LLC, are the Joint Lead Arrangers and Joint Bookrunner, while General Electric Capital Corporation is the other co borrowing base agent. Banc of America Securities LLC additionally serves as Syndication Agent under the loan agreement.
Pamida is a general merchandise retailer with 204 stores, of which 140 contain pharmacies, servicing small and rural communities in 17 Midwestern, North Central and Rocky Mountain states. With approximately 5.2 million retail square feet in total, stores range in size from 1,400 to 57,000 square feet and average 30,000 square feet. The Company employs approximately 5,100 teammates. Central to Pamida?s merchandising success is its convenient, one?stop shopping format and proactive community outreach as a hometown partner.
Certain statements contained in this release are forward?looking statements, as that statement is used in the Private Securities Litigation Reform Act of 1995. Forward?looking statements address future events or developments, and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook or estimate. These statements discuss, among other things, expected growth and future performance, including store growth, capital expenditures, comparable store sales, SG&A, operating income, gross profit rate, EBITDA, profitability and earnings for fiscal year 2009. These forward?looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the Company?s products, the market for general merchandise, the economy in general, inflation, consumer debt levels, the weather, acts of terrorism, availability of suitable real estate, and other factors. Actual results may differ materially from anticipated results described in these forward?looking statements. The Company intends these forward?looking statements to speak only as of the time of this news release and does not undertake to update or revise them as more information becomes available.
For more information contact:
David J. Enholm
Vice President and Corporate Controller
Michael O. Moore
Senior Vice President and Chief Financial Officer
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