Stein Mart Completes New Bank Credit Facility
Stein Mart, Inc. (Nasdaq: SMRT) today announced the completion of a new $100 million senior secured revolving credit facility with Wells Fargo Bank, N.A. to replace an existing $150 million revolving credit facility which was maturing in early 2012. The new facility can be increased to $150 million and matures in February 2017.
The revolving credit is for general corporate purposes, including issuing standby and commercial letters of credit, and provides an additional source of liquidity. The Company currently has no direct borrowings under the revolving credit facility.
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