Trans World Entertainment gets $100 million amended/restated revolver

By Sara Rosenberg

New York, April 15 - Trans World Entertainment Corp. closed on a $100 million amended and restated revolving credit facility on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America and Wells Fargo acted as the joint lead arrangers on the deal, and Bank of America is the administrative agent on the deal.

Initial pricing on the revolver is Libor plus 450 basis points. Pricing can range from Libor plus 400 basis points to 450 bps based on availability.

There is a 75 bps commitment fee.

Security is a first-priority interest in substantially all of the assets of the company, including inventory, accounts receivable, cash and cash equivalents, intellectual property and certain other collateral, and a first-priority pledge of equity interests in certain of the company's subsidiaries.

Proceeds will be used for working capital, to finance capital expenditures and for other general corporate purposes.

Trans World Entertainment is an Albany, N.Y.-based specialty retailer of entertainment software.

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