From Home Furnishing Business
Pier 1 Amends Credit Line, Closes on Term Loan
Home furnishings retailer Pier 1 (NYSE: PIR) has amended a $350 million revolving credit line and closed a previously announced $200 million, seven-year loan.
Proceeds from the $200 million loan are to be used for general corporate purposes including working capital, capital expenditures, cash dividends and repurchasing the company's common stock.
The amendment to the $350 million credit line now allows the company to borrow under a new term loan. The credit line is secured by the retailer's U.S. and Canadian inventory.