Bebe stores, inc. Enters into Credit Agreement from SLR Credit Solutions
August 26, 2021 at 09:01 am EDT
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bebe stores, inc. announced that it has entered into a credit agreement providing for a five-year senior secured term loan of $25 million with an additional drawdown capacity of up to $10 million from SLR Credit Solutions. Proceeds of the financing were used to retire its existing secured term loan of $22 million and for additional growth capital purposes. Loans under the credit facility will bear interest at LIBOR (subject to a 1.00% floor) plus 5.50% with a reduction to 5.25% after one year to the extent the company’s leverage ratio is at or less than 1.50:1.00. The credit facility will be secured by substantially all assets of the Company and its subsidiaries.
bebe stores, inc. is primarily engaged in the business of operating retail rent-to-own franchise stores. The Company's rent-to-own Buddy's franchise stores offer furniture, appliances, and consumer electronics to consumers through rent-to-own agreements. The Company leases space for all of its Buddy's franchise stores under operating leases. It offers various product categories, including Featured, New, Clothing, Dresses, Denim, Shoes, and Accessories. Its Featured category includes Bandage Dresses, Bridal, Fall, and Halloween, among others. Its Clothing category includes Tops, Bottoms, Denim, Jackets, and Activewear, among others. Its Dresses category consists of Bandage Dresses, Bodycon Dresses, Denim Dresses, Little Black Dresses, Logo Dresses, Mini Dresses, Midi Dresses, Maxi Dresses, and others. Its Accessories include Bags, Belts, Hats, Shoes, Sunglasses, Watches. The Company operates approximately 64 stores in 12 states in the southeastern United States.
BEBE STORES, INC. 
