California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


California  + Retail  | 

Ross Stores Boosts Borrowing Capacity with $500M Credit Agreement

Dublin, CA-based Ross Stores arranged $500 million in extra borrowing capacity to its potential sources of liquidity, and to provide additional financial flexibility due to uncertain market conditions arising from the impact of the COVID-19 pandemic. Security and Exchange Commission filings reveal the discount retailer secured a 364-day credit agreement administered by Bank of America that allows the company to borrow during the period with interest rates depending on its long-term debt credit rating.

In March, Ross Stores borrowed $800 million under its existing agreement to boost its cash balances as the pandemic started to take shape. The capital infusion is envisioned to give Ross some financial flexibility to weather the turbulent period.

A week before the shelter-in-place order was issued, Ross shared plans to open 100 stores in fiscal 2020, with roughly 75 stores branded as Ross Dress for Less outlets and 25 stores falling under the dd’s Discounts brand. The retailer has closed all stores since March 20, and furloughed most store associates in early April.

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser


Inside The Story

Read more at Ross Stores SEC 8-KConnect With Ross Stores

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.