OKLAHOMA CITY -- Homeland Holding Corp. here said last week it has secured a new credit facility of $49.9 million from its lending group that will enable the company to finance potential acquisitions.
duled to mature next August.
The new loan agreement is composed of a $32 million revolving credit facility plus $17.9 million in term loan availability, both of which will mature in August, 2002.
Wayne S. Peterson, Homeland's senior vice president and chief financial officer, said the new facility expands the size of its existing facility and extends the term, "[and] it improves the facility's interest-rate structure and grants Homeland increased flexibility under its loan covenants.
"The agreement also designates a specific portion of the facility for financing potential acquisitions, which is consistent with our stated strategy of acting on appropriate opportunities to consolidate our core markets in conjunction with our plans for internal growth.
"As a result of securing the new facility, we have improved our ability to implement these strategies." Homeland operates 69 stores in Oklahoma, southern Kansas and the Texas Panhandle region.