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REX Stores obtains $115 million revolver at Libor plus 175 bps
New York, Sept. 17 - REX Stores Corp. said its Rex Radio and Television Inc. subsidiary obtained a $115 million five-year revolving credit facility.
Interest on the facility is at Libor plus 175 basis points or prime minus 50 basis points.
Fleet Retail Group Inc. is agent for the revolver and KeyBank NA is syndication agent, according to an 8-K filing with the Securities and Exchange Commission.
Availability is subject to a borrowing base equal to 85% of eligible inventory and 85% of eligible receivables.
The facility replaces REX's previous $130 million facility with Fleet Capital Corp. that was scheduled to expire on July 31, 2005. The maturity date of the new loan is Sept. 14, 2009.
REX said that unlike the old loan the new revolver does not have any financial covenants.
REX, a Dayton, Ohio, retailer of electronics and appliances, closed on the facility on Sept. 14.
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