Market Overview

RadioShack Closes $100M Loan

Related RSH
Worst Performing Industries For September 17, 2014
Should Amazon.com, Inc. Use RadioShack Corporation To Enter Brick And Mortar?
Tech Rewind: Apple's iPhone 6 Plus Already Sold Out (Fox Business)

RadioShack Corp. (NYSE: RSH) announced today that it has closed a new $100 million term loan through Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The loan is secured by a second lien on the inventory and accounts receivable and other specific assets. The key terms of the transaction include a five-year term, an interest rate of 11% and an optional prepayment structure that allows for $10 million each year without a premium or in entirety with a prepayment penalty.

"We are pleased to have closed on this new term loan with Wells Fargo Capital Finance. This largely completes the capital structure strategy we discussed on the second-quarter earnings call, in which we outlined our goal to refinance approximately one-half of the debt maturity coming due in August 2013," said Dorvin Lively, interim chief executive officer of RadioShack.

About RadioShack Corporation

RadioShack (NYSE: RSH) is a leading national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs.  RadioShack® offers consumers a targeted assortment of wireless phones and other electronic products and services from leading national brands,

See full press release

Posted-In: News Guidance Financing Asset Sales Management

 

Related Articles (RSH + WFC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters