Content about Debt

August 11, 2014

Darden Restaurants, Inc., which operates the Olive Garden and LongHorn Steakhouse banners among others, has completed the repurchase of approximately $900 million of the previously announced $1 billion debt retirement, leaving approximately $1.6 billion of debt on its balance sheet.

Orlando, Fla. -- Darden Restaurants, Inc., which operates the Olive Garden and LongHorn Steakhouse banners among others, has completed the repurchase of approximately $900 million of the previously announced $1 billion debt retirement, leaving approximately $1.6 billion of debt on its balance sheet.

August 7, 2014

Zales has the highest annual percentage rate (APR) on its private label card out of 61 U.S. retailers surveyed by CreditCards.com.

Austin, Texas – Zales has the highest annual percentage rate (APR) on its private label card out of 61 U.S. retailers surveyed by CreditCards.com. According to the study, the retailers with the five highest maximum APRs are:

1. Zales, up to a 28.99% APR;
2. Office Depot Personal Credit, up to a 27.99% APR;
3. Staples Personal Account, up to a 27.99% APR;
4. My Best Buy, up to a 25.24% and 27.99% APR, depending on your credit score; and

July 30, 2014

CBRE Group, Inc. announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as senior VP.

Phoenix — CBRE Group, Inc. announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as senior VP.

Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as VP of Capital Markets at Marcus & Millichap.

July 14, 2014

Bed Bath & Beyond Inc. intends to offer, subject to market and other conditions, senior unsecured notes due 2024, senior unsecured notes due 2034 and senior unsecured notes due 2044 under a shelf registration on file with the Securities and Exchange Commission.

Union, N.J. - Bed Bath & Beyond Inc. intends to offer, subject to market and other conditions, senior unsecured notes due 2024, senior unsecured notes due 2034 and senior unsecured notes due 2044 under a shelf registration on file with the Securities and Exchange Commission. Bed Bath & Beyond intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are acting as joint book-running managers.

July 8, 2014

The American Apparel saga continues, with the beleaguered chain receiving a notice of default from its longtime lender, Lion Capital.

New York -- The American Apparel saga continues, with the beleaguered chain receiving a notice of default from its longtime lender, Lion Capital.
   
The default notice was based on the claim that founder Dov Charney ceased to be CEO of the company, according to a regulatory filing with the Securities and Exchange Commission today. (Lion had a stipulation in its loan agreement, which was signed last year, stating that if Charney left the company, it would be in default.)
  


April 11, 2014

Coldwater Creek Inc. filed for Chapter 11 bankruptcy protection, with plans to close its stores and wind down operations by early summer.

Sandpoint, Idaho -- Coldwater Creek Inc. on Friday filed for Chapter 11 bankruptcy protection, with plans to close its stores and wind down operations by early summer.

April 3, 2014

Guitar Center's total debt has been reduced by approximately $500 million and annual cash interest expense has been reduced by more than $70 million.

Los Angeles -- Guitar Center's total debt has been reduced by approximately $500 million and annual cash interest expense has been reduced by more than $70 million. The improved financial position of the company will enable Guitar Center's management team to further invest in its people, store base and brands to accelerate growth.

November 4, 2013

Edwin Watts Golf Shops filed for Chapter 11 bankruptcy protection in Delaware, with the intention of selling the operating assets of the business.

Fort Walton Beach, Fla. -- Edwin Watts Golf Shops on Monday filed for Chapter 11 bankruptcy protection in Delaware, with the intention of selling the operating assets of the business.  

The company, owned by private equity firm Sun Capital Partners, listed estimated liabilities and assets of $100 million to $500 million.

October 7, 2013

GE Capital, Corporate Retail Finance announced it is administrative agent and sole lender on a $100 million senior secured credit facility for Samuels Jewelers.

Norwalk, Conn. – GE Capital, Corporate Retail Finance announced it is administrative agent and sole lender on a $100 million senior secured credit facility for Samuels Jewelers. The proceeds will be used to refinance existing debt and to support ongoing working capital needs. GE Capital Markets served as lead arranger.

October 1, 2013

The U.S. economic recovery is firmly underway and the growth prospects for many mid-size companies are better today than they’ve been for more than five years.

By Jim Hogan, James.Hogan@ge.com

September 16, 2013

Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.

The company said that the term loan would be issued under its existing credit agreement, which provides for a $3.28 billion revolving credit facility.

The term loan is expected to mature in June 2018.

 

June 19, 2013

Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Camp Hill, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.

June 10, 2013

Rite Aid projected that it would turn a profit in the first quarter of fiscal year 2014, results of which it will announce next week.

Camp Hill, Pa. -- Rite Aid projected that it would turn a profit in the first quarter of fiscal year 2014, results of which it will announce next week. The company has also moved to refinance its debt, announcing that it would buy half a billion dollars in notes using proceeds from a new loan, while also

The retail pharmacy chain said it would buy $500 million worth of 7.5% Senior Secured Notes, due 2017, using the proceeds from a $500 million second lien term loan.

The offer will expire on July 5 unless it's extended, the company said.

May 30, 2013

Survey results released Thursday by CouponCabin.com found that more than one-in-10 Americans say their shopping habits have put them in debt, with 20% saying the most amount of shopping debt they've been in exceeds $5,000.

Whiting, Ind. -- Survey results released Thursday by CouponCabin.com found that more than one-in-10 Americans say their shopping habits have put them in debt, with 20% saying the most amount of shopping debt they've been in exceeds $5,000.

The survey, conducted by Harris Interactive, also revealed that 41% of U.S. adults have created shopping debt of more than $1,000. Eleven percent consider themselves to be shopaholics.

February 6, 2013

By Gary Glick, Cox, Castle & Nicholson LLP

By Gary Glick, partner, Cox, Castle & Nicholson LLP

September 12, 2012

Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Baton Rouge, La. -- Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Atalaya had recently purchased part of Piccadilly’s debt, which hasn’t been quantified by the chain.  

Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, Piccadilly said.

 

August 27, 2012

By Jim Hogan, GE Capital

By Jim Hogan, james.hogan@ge.com

The retail industry is a bellwether for U.S financial health given that consumer spending is roughly 60%-70% of the economy. While the economy has sent mixed signals of late -- consumer confidence down, unemployment up -- consumer credit has swung up decidedly and leading companies in a wide swath of retail segments can point to positive year-over-year same store sales. This is prompting some retailers -- particularly discount stores--to begin opening new stores.

August 9, 2012

GE Capital Retail Bank, a consumer lending unit of General Electric Co., and Sam’s Club announced their multi-year agreement to continue providing the Sam’s Club credit card program to their Advantage and Business members.

Stamford, Conn. -- GE Capital Retail Bank, a consumer lending unit of General Electric Co., and Sam’s Club announced their multi-year agreement to continue providing the Sam’s Club credit card program to their Advantage and Business members.

GE Capital’s Retail Finance business will continue to manage the Sam’s Club relationship and service the account.

July 12, 2012

The Pantry said that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

Cary, N.C. -- The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

June 27, 2012

Dollar General Corp. said Wednesday it is offering $450 million in senior notes due in 2017.

Goodlettsville, Tenn. -- Dollar General Corp. said Wednesday it is offering $450 million in senior notes due in 2017.

The retailer said it plans to use the proceeds, along with cash on hand and possible other borrowings, to redeem its outstanding senior unsubordinated notes.

Citigroup, Goldman, Sachs & Co. and KKR are serving as joint book running managers for the offering. BofA Merrill Lynch, Barclays, J.P. Morgan, Wells Fargo Securities, Fifth Third Securities, HSBC, KeyBanc Capital Markets, and US Bancorp are co-managers.

May 7, 2012

Barneys New York said that it has reached an agreement with its largest lender, Perry Capital, and other lenders to significantly reduce the retailer’s debt and improve its capital structure.

New York -- Barneys New York said that it has reached an agreement with its largest lender, Perry Capital, and other lenders to significantly reduce the retailer’s debt and improve its capital structure. Under the arrangement, Perry Capital has become the majority owner of Barneys. Under a debt-for-equity swap with Perry Capital, as well as other lenders, Ron Burkle's Yucaipa Cos and current owner Istithmar World, the chain's long-term debt will fall to $50 million from $590 million. The deal makes Perry Capital the majority owner of Barneys.

March 20, 2012

Importers who sell to America’s major retailers are preparing for a significant uptick in consumer spending this spring and summer according to a recent survey conducted by Capital Business Credit, (CBC), a non-bank lender that services the retail sector.

New York -- Importers who sell to America’s major retailers are preparing for a significant uptick in consumer spending this spring and summer according to a recent survey conducted by Capital Business Credit, (CBC), a non-bank lender that services the retail sector.

January 3, 2012

January post-holiday sales will plunge to some of the lowest levels in years thanks to a surge in credit card spending over the Christmas season, according to consumer research firm America’s Research Group (ARG).

Charleston, S.C. -- January post-holiday sales will plunge to some of the lowest levels in years thanks to a surge in credit card spending over the Christmas season, according to consumer research firm America’s Research Group (ARG).

"Now that those credit card bills are hitting mailboxes, shoppers will cut back in a very significant way relative to January and February of the last few years," said Britt Beemer, chairman, ARG.

November 1, 2011

Stein Mart said it has completed a new $100 million senior secured revolving credit facility with Wells Fargo Bank, N.A. to replace an existing $150 million revolving credit facility, which was maturing in early 2012.

Jacksonville, Fla. -- Stein Mart said Monday it has completed a new $100 million senior secured revolving credit facility with Wells Fargo Bank, N.A. to replace an existing $150 million revolving credit facility, which was maturing in early 2012.

The new facility can be increased to $150 million and matures in February 2017. The revolving credit is for general corporate purposes, including issuing standby and commercial letters of credit, and provides an additional source of liquidity, according to Stein Mart.

September 13, 2011

Neiman Marcus Group reported a fiscal fourth-quarter loss on debt-related expense and slightly lower margins, even as its revenue rose 11%.

Dallas -- Neiman Marcus Group reported a fiscal fourth-quarter loss on debt-related expense and slightly lower margins, even as its revenue rose 11%.

For the quarter ended July 30, Neiman Marcus lost $61.4 million, compared with a year-earlier loss of $32.8 million. Excluding a $42.7 million after-tax loss on debt extinguishment, the adjusted loss was $18.7 million. Gross margin narrowed to 30.5% from 30.9%.