Content about Senior Secured Credit Facility

November 2, 2012

Orchard Supply Hardware Stores has announced continuing progress with key operating and financial initiatives under its repositioning strategy:

• The company reduced its debt by more than $90 million during the past 12 months and secured financing for store remodels, primarily by executing multiple sale-leaseback transactions;

• Orchard refinanced its Senior Secured Credit Facility in October. As of Oct. 27, the company had about $64 million of cash and credit available;

October 19, 2012

Orchard Supply Hardware Stores has announced additional progress in its efforts to strengthen its financial position through refinancing and reducing its debt.

The company closed on a new five-year Senior Secured Credit Facility consisting of a $120.0 million revolving credit facility and a $7.5 million FILO term loan, with Wells Fargo Capital Finance and Bank of America, N.A. The new facility replaces Orchard's existing $100.0 million Senior Secured Credit Facility.