On November 21, 2011, Arden Group, Inc. (Nasdaq:ARDNA) (the Company) entered into a credit agreement with Wells Fargo Bank, National Association (Wells), dated November 1, 2011, which provides the Company with an unsecured revolving credit facility (the Facility) with a standby letter of credit subfacility. The Facility provides for borrowings and/or letters of credit up to an aggregate principal amount at any one time of $25,000,000 and replaces the Company’s current letter of credit agreement with Wells. The Facility will be used for working capital and general corporate purposes and expires on June 1, 2014.Arden Group, Inc. is the parent company of Gelson’s Markets which operates 18 full-service supermarkets in Southern California carrying both perishable and grocery products.
Arden Group, Inc. Announces New Credit Facility
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