Children's Place lifts revolver to $200 million, extends maturity

By Marisa Wong

Madison, Wis., March 6 - Children's Place Retail Stores, Inc. extended the term of its existing credit agreement to August 2018 and increased its revolving credit limit to $200 million from $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolving credit limit includes a $50 million sublimit for standby and documentary letters of credit and an uncommitted accordion feature that could provide up to $25 million of additional availability.

The credit agreement was also amended to permit the payment of dividends on the same basis as stock repurchases.

The company entered into the 11th amendment to its credit agreement on March 4 with Wells Fargo Bank, NA as administrative agent, collateral agent, letter-of-credit issuer, swingline lender and a lender and Bank of America, NA, HSBC Bank (USA), NA and JPMorgan Chase Bank, NA as other lenders.

The specialty retailer is based in Secaucus, N.J.

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