99 Cents Only Stores® Announces Completion of Repricing Its Senior Secured Term Loan

CITY OF COMMERCE, Calif., April 4, 2012 /PRNewswire/ -- 99¢ Only Stores® (the "Company") announced today the completion of repricing its outstanding senior secured term loan.  The repricing was effected through an amendment to the Company's $525 million credit agreement, which provided for the conversion of the existing term loans into new Tranche B-1 term loans.  The amendment decreased the interest rate applicable to the term loans from LIBOR plus 5.50% (or base rate plus 4.50%) to LIBOR plus 4.00% (or base rate plus 3.00%) and the LIBOR floor from 1.50% to 1.25%.  The maximum capital expenditures covenant in each of the Company's term loan credit agreement and its ABL credit agreement was amended to permit an additional $5 million in capital expenditures per year.

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RBC Capital Markets, BMO Capital Markets Corp. and Deutsche Bank Securities Inc. were the lead arrangers and bookrunning managers for the amendments.

This information has not been filed with the Securities and Exchange Commission. It is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

This information contains "forward-looking statements" that involve risks and uncertainties. As a general matter, forward-looking statements are those focused on future or anticipated events or trends, expectations and beliefs including, among other things, (a) trends affecting the financial condition or results of operations of the Company and (b) the business and growth strategies of the Company (including the Company's store opening growth rate) that are not historical in nature. Such statements are identified by using words such as "believe," "expect," "intend," "estimate," "anticipate," "will," "project," "plan" and similar expressions in connection with any discussion of future operating or financial performance. Any forward-looking statements are and will be based upon our then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

SOURCE 99 Cents Only Stores

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