Ames Department Stores Inc has announced that on Friday March 2, 2001 it closed and fully executed its new $800m senior secured financing agreement for which GE Capital is acting as Agent. The three-year facility replaces the company's previously existing $650m credit facility. The terms of the new agreement include both a higher borrowing base and a higher advance rate than the previous facility allowed. These new features will afford Ames greater flexibility in adjusting to changing business needs and economic environments. Proceeds from the new facility will be available to support the company's operating and capital needs.