Anna's Linens Renews and Expands Credit Facility
COSTA MESA, Calif.-Anna's Linens has entered into a four-year secured revolving line of credit with Union Bank, which expands the retailer's borrowing capacity during peak periods later this year.
The agreement, which increases the company's previous line of credit, provides for a borrowing capacity of $50 million for the period between Aug. 1 and Dec. 15 of each year, and $45 million for the remainder of each year. The new credit line also includes "favorable interest costs, limited financial covenants and flexibility to support the company's strategic growth initiatives," according to a statement from Anna's Linens.
Calling the agreement "a major milestone" for the company, Alan Gladstone, founder and chief executive officer of Anna's Linens, added that the new credit line "provides us with the resources and flexibility to continue our aggressive growth strategy."