Ames Announces Closing On New $800 Million Financing Agreement.Business Editors ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--March 5, 2001 Ames Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMES) announced today that on Friday March 2, 2001 it closed and fully executed its new $800 million senior secured financing agreement for which GE Capital is acting as Agent. The three-year facility replaces the Company's previously existing $650 million credit facility. The terms of the new agreement include both a higher borrowing base and a higher advance rate than the previous facility allowed. These new features will afford Ames greater flexibility in adjusting to changing business needs and economic environments. Proceeds from the new facility will be available to support the Company's operating and capital needs. Joseph R. Ettore, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are pleased to have completed these new financing arrangements. This credit agreement both strengthens our capital structure and gives us the means to pursue our business goals. It is also a strong vote of confidence from the financial community." With 447 stores located in 19 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Ames is the nation's largest regional, full-line discount retailer with annual sales of approximately $4 billion. Ames offers a broad range of merchandise categories including family apparel, housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. , domestics, electronics, ready-to-assemble and patio furniture pa´ti`o fur´ni`ture 1. Furniture such as chairs, tables, settees or loungers, suited for use on a patio , i.e. such that will not be damaged by exposure to rain, sun or other outdoor elements. , jewelry, craft and pet supplies, health and beauty care items, stationery, sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport , toys, seasonal products and more. Cautionary Statement Regarding Forward-looking Information Statements, other than those based on historical facts which address activities, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements which are based upon a number of assumptions concerning further conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in any forward-looking statements. The Company's ability to achieve such results is subject to certain risks and uncertainties. Consequently, these cautionary statements qualify all of the forward-looking statements and there can be no assurance that the results or developments anticipated by the Company will be realized or that they will have the expected effects on the Company or its business or operations. To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES. |
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