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January 16, 2002

USA: Gymboree Reduces Debt With $7m Payoff

Gymboree Corporation has paid off the $7 million balance of an August 2000 loan from Back Bay Funding LLC, 19 months prior to the three-year loan's maturity. The company says the payment was funded from its cash balances. The debt reduction leaves the children's apparel and accessories maker with around $9.5 million in long-term debt obligations on its balance sheet. The debt is in the form of a mortgage on the company's distribution facility.

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