Coldwater Creek Announces Amendment to Its Credit Facility

Coldwater Creek Inc. CWTR today announced that it completed an amendment of its existing credit facility that extends the facility maturity date three years to May 16, 2016, which includes the addition and funding of a $15 million term note. The Company also announced preliminary first quarter 2011 results. The term note transaction generated net cash proceeds of $14.4 million for the Company subsequent to the end of the first quarter of fiscal 2011. As part of the amended credit agreement, the Company granted the lenders a security interest in the Company's Sandpoint, Idaho corporate offices and certain other assets.  The amount available under the $70 million revolving facility remains unchanged; however, the Company now has a future option to request an increase in the amount of the revolving facility for an additional $15 million, which if granted would result in a total of $85 million available, exclusive of the term note.