Stein Mart extended and amended its existing revolving credit agreement with Wells Fargo and its term loan agreement with Gordon Brothers Finance Company.
These agreements are coordinated through an intercreditor agreement and provide for combined borrowing availability of $275 million.
Key features of the amended agreements include:
- Extending the terms to September 18, 2023 from the previous maturities of February 3, 2020
- Removing cash dominion with it applying in the future only if excess availability is less than 12.5% of the loan cap
