NEW CREDIT FACILITY FOR AMES FROM KIMCO REALTY.
NEW CREDIT FACILITY FOR AMES FROM KIMCO REALTY: Ames Department Stores Inc. is finalizing arrangements with Kimco Realty Corp. for up to $75 million in new funding for general corporate purposes. Under the agreement Kimco will provide Ames with the funds; which will be secured by leasehold interests on certain Ames stores. Funding will be at competitive interest rates and other considerations. The financing will be available for Ames' unrestricted use for working capital and general corporate purposes and will provide the regional discount chain with increased liquidity. "This new funding from Kimco will give us additional resources to meet the needs of our vendors and other partners," says Ames chairman and chief executive officer Joseph Ettore. "It continues Ames' drive to use creative approaches that maximize the full potential of our resources. This new funding from Kimco will substantially improve our liquidity as we enter the back-to-school selling season."