Trans World Enters New Credit Agreement10 Jan, 2006 By: Holly J. Wagner
Trans World Entertainment has entered into a new five-year, $100 million revolving secured credit agreement with Bank of America, replacing Trans World's previous facility.
The money is to be used for "general corporate purposes." The company has no loans outstanding on either the new or previous facility and the company did not incur any penalties in retiring its agreement with Congress Financial Corp.
"Our new credit agreement provides a reduced interest rate, lower costs and other positive terms suitable to our business. It underscores the financial strength of Trans World Entertainment and helps ensure the ability to fund our strategic initiatives, as needed," said EVP and CFO John Sullivan.