Burlington to launch credit facility amendment, extension on Thursday

By Sara Rosenberg

New York, Dec. 9 - Burlington Coat Factory Warehouse Corp. is scheduled to hold a conference call on Thursday at 3 p.m. ET to launch an amendment and extension of its term loan B and ABL revolver bank debt, according to sources.

Under the term loan B amendment proposal, the company would extend a portion of the debt to 2015 from May 2013.

Pricing on the extended term loan B would be Libor plus 400 basis points, whereas pricing on the non-extended term loan B is Libor plus 225 bps, the source said.

The extended term loan B would have 101 soft call protection for two years.

JPMorgan is leading the term loan B amendment.

Lenders are being offered a 15 bps amendment fee.

Under the revolver amendment, the company is looking to extend some of the commitments in exchange for higher pricing.

Burlington Coat Factory is a Burlington, N.J.-based retailer of branded apparel.

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