ANN amends and restates $250 million credit facility, now due 2017

By Toni Weeks

San Diego, Dec. 20 - ANN Inc. and some of its subsidiaries entered into an amended and restated credit agreement with Bank of America, NA as administrative agent and collateral agent.

The subsidiaries are the borrowers under the facility, and ANN is the guarantor. The new facility is secured by a first-priority perfected security interest primarily in accounts receivable and inventory.

According to an 8-K filing with the Securities and Exchange Commission, the facility replaces the prior $250 million facility, which was scheduled to expire in April 2013, and provides for an increase of up to $150 million, subject to lender commitments. The new facility expires Dec. 19, 2017.

The amended facility has more favorable terms, the filing noted.

Six banks participated in the facility, which will be used for working capital, letters of credit and other corporate purposes.

JPMorgan Chase Bank, NA is the syndication agent, and Wells Fargo Bank, NA is the documentation agent.

Columbus, Ohio-based Ann is a women's clothing retailer.

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