Hart Stores Enters into $25 Million Revolving Credit Facility with CIBC
Feb 29, 2012, 17:26 ET
SYMBOL: HIS (TSXV)
LAVAL, QC, Feb. 29, 2012 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) is pleased to announce that it has entered into a previously-announced fully-committed revolving credit facility in an aggregate principal amount of $25 million, made available by CIBC Asset-Based Lending, acting as agent and lender. The new asset-based revolving credit facility replaces Hart Stores' previous credit facility with Wells Fargo Capital Finance Corporation Canada, and will fund Hart Stores' operations.
Under the revolving credit facility, Hart Stores has access to various direct cash advances, limited to a variable percentage of Hart Stores' borrowing base less certain specified reserves.
As security for the revolving credit facility, Hart Stores has granted CIBC Asset-Based Lending a first-ranking security interest on all of Hart Stores' movable (personal) property, subject to permitted liens. The revolving credit facility matures on March 3, 2014.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 mid-sized department stores under the Hart, Bargain Giant and Géant des Aubaines banners. The stores are located in secondary and tertiary markets throughout Eastern Canada where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.
Forward-Looking Statements and Disclaimer
Certain statements included in this press release may constitute "forward-looking statements" within the meaning of the Canadian securities legislation. Forward-looking statements are based on the best estimates available to Hart Stores at the time and involve known and unknown risks, uncertainties and other factors that may cause Hart Stores' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Hart Stores' business and activities appears under the heading "Risks & Uncertainties" in Management's Discussion and Analysis on pages 18 to 20 of Hart Stores' 2011 Annual Report, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Hart Stores will derive therefrom. In particular, no assurance can be given as to the future financial performance of Hart Stores. Undue reliance should not be placed on these forward-looking statements, which are made only as of the date of this press release. Hart Stores disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Hart Stores Inc.
Mr. Robert Harritt
Vice-President Finance and Chief Financial Officer
Hart Stores Inc.
(450) 661-4155, ext. 595
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