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PW: Musicland in Accord with Banks

Jim Milliot -- Publishers Weekly, 6/23/1997

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Musicland in Accord with Banks
Jim Milliot -- 6/23/97


Musicland has completed agreements with its senior credit lenders to provide a new $50 million term loan and to amend the revolving credit facility to provide long-term covenant relief. The company also announced that it had received the necessary amendments to real-estate loans relating to its Franklin distribution facility and three of its Media Play stores. The combined actions will provide Musicland with additional financing for the 1997 holiday season.

"These agreements give Musicland time to realize the results of its streamlining and cost-cutting measures," said Reid Johnson, Musicland's chief financial officer. The company warned, however, that trade vendor support in the form of normal credit terms is still required if Musicland is to achieve its long-term financial plans and viability.

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