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Hastings Entertainment Gets Loan Extension, Lower Interest Rate

10 Dec, 2003 By: Hive News

Hastings Entertainment today announced the execution of an amendment to its secured revolving credit facility with Fleet Retail Finance and CIT Group/Business Credit.

“This amendment lowers our interest costs and extends the maturity date by two years to Aug. 29, 2007, while leaving all other terms and conditions unchanged,” said Dan Crow, VP and CFO.

"I am pleased with our relationship with Fleet Retail Finance and CIT Group," said John H. Marmaduke, president and CEO. “It is wise to have retail-minded banking partners as an integral part of financing our future growth.”

“We are pleased to provide Hastings Entertainment with this extension to their loan facility,” said Edward J. Siskin, COO for Fleet Retail Finance. “The management team has done a remarkable job executing their business plan, and we look forward to continuing our long-term relationship with Hastings Entertainment.”

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