Orchard Supply Improves Financial Position

[Thursday, October 18, 2012]  Orchard Supply Hardware Stores Corporation has announced additional progress in the Company's efforts to strengthen its financial position through refinancing and reducing its debt.

The Company successfully closed on a new five-year Senior Secured Credit Facility consisting of a $120.0 million revolving credit facility and a $7.5 million FILO term loan, with Wells Fargo Capital Finance and Bank of America, N.A. The new facility replaces the Company's existing $100.0 million Senior Secured Credit Facility.

During the past 12 months, the Company reduced its long-term debt by approximately $93 million and secured funds to remodel Orchard stores, primarily through the execution of multiple sale-leaseback transactions of Company-owned properties. The Company's Real Estate Secured Term Loan was paid off in its entirety as of July 28, 2012. Read More ...