1-800-FLOWERS.COM, Inc. Announces New, Amended and Restated Bank Credit Facility Comprised of $200 Million Revolving Credit L...
April 11 2013 - 6:30AM
Business Wire
1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), the world’s leading
florist and gift shop, today announced that it has entered into a
new, amended and restated credit agreement with a syndicate of
banks and other financial institutions led by JPMorgan Chase Bank,
N.A. The new credit facility is comprised entirely of a $200
million revolving line of credit that features a reduction in the
interest rate the Company will pay on any borrowings to LIBOR plus
a range of 150 to 225 basis points, based on the Company’s leverage
ratio, down from an interest rate of LIBOR plus a range of 300 to
375 basis points under its previous credit agreement. All
borrowings under the new credit facility are guaranteed by the
material subsidiaries of the Company and secured by assets and
stock of its subsidiaries.
Jim McCann, CEO, said, “This new credit facility, with its very
advantageous borrowing costs, reflects the strength of our business
model, including the growing cash flows that enabled us to pay off
more than $100 million in debt over the past several years, despite
the challenging economic environment. As we have stated in our
recent press releases, we expect to finish our current fiscal year
at the end of June with a positive cash position on our balance
sheet and zero debt outstanding. The strength of our balance sheet,
and the increased flexibility inherent in our new credit line,
provides us with significant opportunities to grow our business
going forward and continue to build value for our
shareholders.”
About 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. is the world’s leading florist and gift
shop. For more than 30 years, 1-800-FLOWERS® (1-800-356-9377 or
www.1800flowers.com) has been helping deliver smiles for our
customers with gifts for every occasion, including fresh flowers
and the finest selection of plants, gift baskets, gourmet foods,
confections, candles, balloons and plush stuffed animals. As
always, our 100% Smile Guarantee backs every gift.
1-800-FLOWERS.COM’s Mobile Flower & Gift Center was named
winner of the Mobile Shopping Summit’s “Best Mobile Site of 2011.”
1-800-FLOWERS.COM was also rated number one vs. competitors for
customer satisfaction by STELLAService and named by the E-Tailing
Group as one of only nine online retailers out of 100 benchmarked
to meet the criteria for Excellence in Online Customer Service.
1-800-FLOWERS.COM has been honored in Internet Retailer’s “Hot 100:
America’s Best Retail Web Sites” for 2011. The Company’s BloomNet®
international floral wire service (www.mybloomnet.net) provides a
broad range of quality products and value-added services designed
to help professional florists grow their businesses profitably. The
1-800-FLOWERS.COM “Gift Shop” also includes gourmet gifts such as
popcorn and specialty treats from The Popcorn Factory®
(1-800-541-2676 or www.thepopcornfactory.com); cookies and baked
gifts from Cheryl’s® (1-800-443-8124 or www.cheryls.com); premium
chocolates and confections from Fannie May® confections brands
(www.fanniemay.com and www.harrylondon.com); gift baskets and
towers from 1-800-Baskets.com® (www.1800baskets.com); delicious
cut-fruit arrangements from FruitBouquets.com
(www.fruitbouquets.com); wine gifts from Winetasting.com®
(www.winetasting.com); ultra- premium meats from Stockyards.com
(www.stockyards.com); as well as exquisite, customizable
invitations and personal stationery from FineStationery.com
(www.finestationery.com). The Company’s Celebrations® brand
(www.celebrations.com) is a new premier online destination for
fabulous party ideas and planning tips. 1-800-FLOWERS.COM, Inc. is
involved in a broad range of corporate social responsibility
initiatives including continuous expansion and enhancement of its
environmentally-friendly “green” programs as well as various
philanthropic and charitable efforts. Shares in 1-800-FLOWERS.COM,
Inc. are traded on the NASDAQ Global Select Market, ticker symbol:
FLWS.
Special Note Regarding Forward-Looking
Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the Company’s
current expectations or beliefs concerning future events and can
generally be identified by the use of statements that include words
such as “estimate,” “expects,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “likely,” “will,” “target” or similar
words or phrases. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of the Company’s control, which could cause actual results to
differ materially from the results expressed or implied in the
forward- looking statements, including, among others: the Company’s
ability to generate growing cash flows and to grow its business
going forward. The Company undertakes no obligation to publicly
update any of the forward-looking statements, whether as a result
of new information, future events or otherwise, made in this
release or in any of its SEC filings except as may be otherwise
stated by the Company. For a more detailed description of these and
other risk factors, please refer to the Company’s SEC filings
including the Company’s Annual Reports on Form 10-K and its
Quarterly Reports on Form 10-Q.
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