UPDATE 1-1-800-Flowers.com amends credit facility, reduces debt

Tue Apr 20, 2010 5:12pm EDT

* Says prepays $12 mln, reducing term loans to $60 mln

* Says has no borrowings under the revolving credit line

April 20 (Reuters) - Gift retailer 1-800-Flowers.Com Inc (FLWS.O) said it amended its credit facility and prepaid $12 million to reduce its term loans.

The company, which amended its credit agreement with a group of lenders led by JPMorgan Chase Bank, said its term loan debt has been reduced to $60 million.

The florist and gift shop said it had no borrowings under its revolving credit line.

"Our business continues to generate strong cash flows... These cash flows, combined with the proceeds from the sale of our Home and Children's Gift division in January, have enabled us to pay down approximately $70 million on our term debt over the past 18 months," Chief Executive Jim McCann said in a statement.

Shares of the company closed at $3.15 Tuesday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Anne Pallivathuckal)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.