Stein Mart Inc. on Feb. 2 said it borrowed $13.74 million from SunTrust Bank through a promissory note to pay down its borrowings of an undisclosed sum from the same bank.
The Florida-based retailer has an existing trust agreement with SunTrust dated Sept. 1, 1999, which holds certain whole life insurance policies related to Stein Mart's executive deferred compensation plans. Using the note for the existing credit agreement will provide additional availability.
The loan has a fixed interest rate of 3.58% per year and the maturity date is April 1.
