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Stein Mart pops after earnings, credit transaction

Published 03/15/2018, 08:30 AM
© Reuters.  Stein Mart pops after earnings, credit transaction
WFC
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SMRTQ
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  • Stein Mart (NASDAQ:SMRT) announces that it closed on a new $50M term loan.
  • The company says it amended its credit agreement with Wells Fargo (NYSE:WFC) to provide for the repayment of the existing $25M first-in, last-out A-1 tranche of the credit facility. All other key terms of the Credit Facility remain unchanged.
  • CFO update: "This transaction will provide us with additional liquidity bringing our cash and unused borrowing availability today to more than $60 million. This shows the confidence that our lending partners have in our business."
  • SMRT +65% premarket to $1.27.
  • Source: Press Release
  • Previously: Stein Mart reports Q4 results (March 14)
  • Now read: Abercrombie & Fitch's Q4 Doesn't Justify The Valuation


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