NEW YORK -- BankAmerica Business Credit is the lead bank on a $300 million syndicated revolving line of credit provided to Ames Department Stores Inc.
Richard W. Madresh, chairman and president of BABC, a subsidiary of the San Franciscobased BankAmerica Corp., said the three-year, asset-based credit facility will be used for working capital and to support up to $100 million in import and standby letters of credit.
Additionally, Ames expects to prepay approximately $70 million in term debt using some proceeds from the new $300 facility.
Co-agents on the deal are General Electric Capital Corp. and Congress Financial Corp.