Dillard's amends $1 billion revolver, pushing maturity to April 2017

By Jennifer Chiou

New York, April 12 - Dillard's, Inc. announced that it amended and extended its $1 billion senior secured revolving credit facility, which is now set to expire on April 11, 2017.

According to a news release, the revolver has higher availability with the same amount of inventory pledged.

Proceeds may be used for general corporate purposes, including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases.

There are no financial covenant requirements under the credit agreement provided availability exceeds $100 million, the release stated.

J.P. Morgan Securities LLC and Wells Fargo Capital Finance, LLC are the lead arrangers.

Dillard's is a Little Rock, Ark.-based fashion apparel and home furnishings retailer.

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