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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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