Stein Mart announced it has entered into a second amended and restated credit agreement with Wells Fargo Bank that will mature in February 2020 and a master loan agreement with Wells Fargo Equipment Finance.

The credit facilities replace the company’s former $100 million senior secured revolving credit facility which was set to mature on February 28, 2017. The Credit Facilities increase the revolving credit facility to $250 million, add a $25 million equipment term loan that matures 36 months following date of disbursement, provide better pricing terms, and extend the maturity date of the former revolving credit facility.

Borrowings under the credit facilities will primarily be used for a special dividend, but may also be used for working capital, capital expenditures and general corporate purposes.