Speciality retailer The Wet Seal Inc has completed a new $8 million junior secured term loan with Back Bay Capital Funding LLC.

The company amended its $50m senior revolving credit facility with Bank of America Retail Finance to accommodate the new term loan.

Under the terms of the Amended and Restated Credit Agreement, the term loan is secured by inventory and other assets of the company and is junior to the senior revolving credit facility.

The new loan expires on 27 May 2007, and the company says proceeds will be used for working capital and general corporate purposes.