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Wells Fargo Capital Finance Inks $200MM Credit Facility with Chico’s FAS

August 06, 2018, 07:17 AM
Filed Under: Retail

Chico's FAS, Inc. announced that it has completed a $200 million senior secured credit facility with Wells Fargo & Company and other lenders to support ongoing business operations.

"After an in-depth evaluation, we chose Wells Fargo to lead our new asset-based credit facility, which will offer us greater borrowing flexibility," says Todd Vogensen, EVP and Chief Financial Officer of the Company. "The Wells Fargo team provided us with a creative and cost-effective financing solution, which maximizes our liquidity."

"Wells Fargo is excited to work with an industry leader such as Chico's FAS, and strengthen our existing relationship with this important client by leveraging our expertise in the retail space to facilitate this refinancing," says Keith Vercauteren, head of Retail Finance, Wells Fargo Capital Finance. "We provide our retail customers with the financial flexibility and industry knowledge to support their long-term strategy and growth in the ever-changing retail sector."

About Chico's FAS, Inc. The Company, through its brands – Chico's, White House Black Market and Soma, is a leading omni-channel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates, and complementary accessories.

As of May 5, 2018, the Company operated 1,451 stores in the US and Canada and sold merchandise through 94 franchise locations in Mexico.

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