Orchard Supply extends deadline to revise capital structure to June 30

By Toni Weeks

San Luis Obispo, Calif., April 26 - Orchard Supply Hardware Stores Corp. extended the deadline to June 30 from May 1 for achieving a mutually acceptable agreement with its term loan lenders to deleverage, modify or otherwise address the company's capital structure, according to an 8-K filing with the Securities and Exchange Commission.

The company and its lenders also amended other undertakings required of the company in connection with a waiver it arranged with its subsidiaries on Feb. 14. Gleacher Products Corp. is the term administrative agent, collateral agent, bookrunner and lead arranger.

The company said in the filing that it anticipates continued compliance with the terms and conditions of the waiver, including negotiating a mutually acceptable agreement with the term loan lenders by June 30, and failure to do so could cause the waiver to terminate. If that occurs, there would be a default under the term loan, which could accelerate the current maturity dates of Dec. 21, 2013 and Dec. 21, 2015.

Orchard Supply is a San Jose, Calif.-based hardware retailer.

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