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Article: Duane Reade Inc. Announces Amendment to Its Credit Facility and Pricing of Bond Offering.
- Article from:
- PR Newswire
- Article date:
- July 23, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Duane Reade Inc. today announced that on July 22, 2004 it amended its existing senior secured credit facility with Bank of America's Retail Finance Group to provide for a $50 million increase in borrowing capacity, from $200 million to $250 million. The Company also noted that additional changes were made to the terms of the credit facility that will have the effect of reducing overall borrowing costs to the Company.
It is currently expected that the additional capacity will be used to maintain approximately $100 million of borrowing availability under the credit facility upon completion of the proposed acquisition of the Company by an affiliate of Oak Hill ...