SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): January 14, 1997
(December 27, 1996)
Ames Department Stores, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-5380 04-2269444
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(Commission File Number) (I.R.S. Employer
Identification No.)
2418 Main Street
Rocky Hill, Connecticut 06067-0801
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(Address of Principal Executive Offices) (Zip Code)
(860) 257-2000
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5: OTHER EVENTS
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Ames Department Stores, Inc. (the "Company") entered
into an agreement on December 27, 1996 with BankAmerica
Business Credit, Inc., as agent, and a syndicate consisting
of seven other banks and financial institutions, for a
secured revolving credit facility of up to $320 million (the
"New Facility"). The New Facility has a sublimit of $100
million for letters of credit. A copy of the New Facility
is attached as Exhibit 10 and is incorporated by reference
herein.
Management believes that the New Facility contains
terms, covenants and interest rates that are generally more
favorable than those in the credit agreement in effect since
June, 1994. The New Facility expires on June 30, 2000.
As a result of the refinancing, the Company is expected
to report, in the fourth quarter of the fiscal year ending
January 25, 1997 ("Fiscal 1996"), a non-cash extraordinary
charge of approximately $1.3 million, net of tax benefits,
relating to the extinguishment of debt.
Item 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
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EXHIBITS
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Exhibit 10 Credit Agreement, dated as of December 27,
1996, among BankAmerica Business Credit,
Inc., as Agent, the lenders party thereto and
Ames Department Stores, Inc. and certain of
its subsidiaries
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
AMES DEPARTMENT STORES, INC.
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Registrant
Dated: January 14, 1997 By: /s/ Joseph R. Ettore
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Joseph R. Ettore
President, Director, and
Chief Executive Officer
Dated: January 14, 1997 By: /s/ John F. Burtelow
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John F. Burtelow
Executive Vice President,
Chief Financial Officer
Dated: January 14, 1997 By: /s/ Gregory D. Lambert
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Gregory D. Lambert
Senior Vice President, Finance
INDEX TO EXHIBITS
Exhibit No. Exhibit Page No.
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10 Credit Agreement, dated as of December 27, 5
1996, among BankAmerica Business Credit,
Inc., as Agent, the lenders party thereto
and Ames Department Stores, Inc. and
certain of its subsidiaries
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