Anna's Linens, Inc. Renews And Expands Its Credit Facility With Union Bank N.A. For Four-year Term
COSTA MESA, Calif., July 20, 2012 /PRNewswire/ -- Anna's Linens, Inc. announced today that it has entered into a new four year $70 million secured revolving line of credit with Union Bank N.A. The new credit facility expands the company's borrowing capacity to $70 million. This is an increase from $50 million under the company's previous line of credit. The new line of credit provides Anna's with favorable interest cost, limited financial covenants, and flexibility to support the company's strategic growth initiatives.
"This agreement represents a major accomplishment for Anna's," said Alan Gladstone, the company's founder and chief executive officer. "Union Bank has shown its confidence in Anna's Linens by providing an increased line capacity and a four-year term in times where credit is still difficult to obtain. We are proud of Union Bank's commitment to Anna's, illustrating its confidence in our financial condition, strategic initiatives, and long-term growth potential as the leader in value-priced home fashions sector. The new facility provides us with the resources and flexibility to continue our aggressive growth strategy."
"We are happy to continue our strong partnership with Anna's Linens," says Senior Vice President Michael Murphy, division manager of Union Bank's Commercial Finance Division. "The Company has demonstrated tremendous resilience in a challenging environment, and through successful initiatives, is well positioned to build upon its recent strong momentum. This new credit facility demonstrates Union Bank's confidence in Anna's current and future business strategies."
Anna's Linens, headquartered in Costa Mesa, California, was founded in 1987 by its current chairman, and chief executive officer, Alan Gladstone. Anna's is the value leader in fashions for the home. The company prides itself on providing high quality merchandise at extreme value to its customers. Anna's Linens is a family run business dedicated to the altruism of its associates as well as giving back to the community. Anna's Linens has been in business for 25 years and through its many charitable endeavors has always been committed to helping serve the communities surrounding its locations. Anna's currently operates 300 stores in 20 states, with over 3,000 employees.
SOURCE Anna’s Linens, Inc.
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