Charming Lands $225 Million
Bensalem, Pa.–based retail chain Charming Shoppes Inc. entered into a three-year senior secured revolving-credit facility for $225 million. Wells Fargo Retail Finance and Bank of America Merrill Lynch were joint lead arrangers and joint bookrunners for the facility. In addition, other members of the retail chain’s bank lending group included GMAC Commercial Finance, JPMorgan Chase, U.S. Bank and Barclays Bank. The credit facility provides funding through July 2012 and replaces a prior revolving-credit facility of $375 million. According to the company, Charming Shoppes will use the funds for general corporate purposes, including up to $100 million, that can be used for letters of credit. Charming Shoppes operated 2,272 retail stores in 48 states under the nameplates Lane Bryant, Fashion Bug, Catherines Plus Sizes and Petite Sophisticate Outlet.
