Tuesday Morning amends facility, increasing it to $180 million

By Jennifer Chiou

New York, Jan. 30 - Tuesday Morning Corp. said it amended its revolving credit facility to provide for an additional commitment from Regions Bank in the amount of $30 million, bringing the total facility to $180 million.

On Dec. 15, the company entered into a new $150 million five-year asset-based senior secured revolving credit facility that was initially priced at Libor plus 275 basis points.

Pricing on the revolver can range from Libor plus 250 bps to 300 bps based on availability.

Bank of America and Wells Fargo Retail Finance LLC acted as the joint lead arrangers and bookrunners on the deal, with Bank of America the administrative agent.

There is a $100 million accordion feature.

As already reported, the new revolver provides the company with more availability and liquidity than the company's previous facility and does not have financial covenants.

Tuesday Morning is a Dallas-based closeout retailer of upscale, decorative home accessories, housewares and famous-maker gifts.

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