Belk Secures $1.275 Billion in Senior Secured Credit Facilities from Wells Fargo, Pathlight Capital

Belk, a southeastern U.S. department store chain, said Tuesday it secured $1.275 billion in new senior secured credit facilities from Wells Fargo Bank (WFC) and Pathlight Capital. The five-year financing comprises a $900 million asset-based revolving credit facility and a $375 million first-in, last-out term loan. It replaces Belk's existing credit and securitization facilities, simplifying its capital structure and improving liquidity for working capital, seasonal inventory and general corporate needs. The loans are secured by inventory, receivables, real estate, equipment, intellectual property and the company's private-label credit card program. Wells Fargo shares were trading 0.20 percent up at $81.96 on the NYSE.