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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.







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