Williams-Sonoma renews $90 million letter-of-credit facilities

By Angela McDaniels

Tacoma, Wash., Sept. 7 - Williams-Sonoma, Inc. renewed its unsecured commercial letter-of-credit reimbursement facilities with Bank of America, NA, Wells Fargo Bank, NA and U.S. Bank NA on Aug. 31, according to an 8-K filing with the Securities and Exchange Commission.

The company may ask the banks to issue letters of credit on its behalf or on the behalf of its subsidiaries until Aug. 30, 2013. The latest expiration for any future letters of credit issued under the facilities is now Jan. 27, 2014.

The total amount of credit available under the facilities remains $90 million.

The letter-of-credit facilities contain a financial covenant requiring a maximum leverage ratio of 3.5 times.

The company's obligations under the facilities are guaranteed by some of its U.S. subsidiaries.

The company said it also has a $300 million revolving line of credit with the banks, among others.

Williams-Sonoma is a high-end consumer retail company based in San Francisco.

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