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Circuit City Enters New $500M Credit Facility

7/09/2003 08:38:00 AM Eastern

Richmond, Va. — Circuit City Stores has entered a four-year, $500 million senior revolving credit facility, which is secured by inventory and assets arising out of the sale of inventory. The credit facility replaces $210 million in unsecured committed lines of credit.

The new facility primarily will finance working capital needs, but also provides flexibility for general corporate purposes.

"This credit facility strengthens our liquidity and gives us an attractive source of funding to help pursue our financial and strategic objectives," said Michael E. Foss, senior VP/CFO.