USA: One Price Clothing Extends Term of Credit Facility
One Price Clothing Stores, Inc (Nasdaq: ONPR), the US retail specialty stores chain, today reported that it has extended the term of its existing $37.5 million working capital facility through July 31, 2003. The amended facility is provided by Congress Financial Corporation (Southern), an affiliate of First Union Corporation. In addition to extending the facility term, the amendment lowers the company's borrowing rates by 0.5 per cent for borrowings indexed to the London Interbank Offered Rate (LIBOR) and 0.25 per cent for borrowings indexed to the Prime Rate.Larry I. Kelley, president and chief executive officer, commented: "Since 1996, Congress Financial has ably supported our working capital needs. We are very pleased to extend this valuable relationship for another three years. The amended facility rewards our strong financial condition with lower borrowing costs and greater flexibility for our business."The company currently operates 657 stores in 30 states, Columbia, Puerto Rico and the US Virgin Islands under the One Price & More! and BestPrice! Fashions brands.
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