GMAC Commercial Finance -- Retail Finance Group Funds a $27.6 Million Senior Credit Facility to...

QUINCY, Mass. -- The GMAC Commercial Finance (GMAC CF) - Retail Finance Group announced today the funding of a $27.6 million senior credit facility to Iron Age Corporation (Iron Age), North America's leading provider of footwear programs to employers for the safety and protection of their employees.

GMAC CF worked with Iron Age to structure a more flexible line of credit that met the Company's multi-channel business and to accommodate seasonal borrowing needs with increased liquidity. The new facility includes a senior secured revolver and a term loan.

"We are pleased to have successfully completed this debt refinancing and appreciate the energy and focus demonstrated by GMAC Commercial Finance," said David Eckert, Iron Age CEO. "The terms of this new credit facility are favorable in terms of increased liquidity and financial flexibility allowing us to execute our business plan."

About Iron Age Corporation:

Founded in 1817, Iron Age Corporation (www.ironageshoes.com) is North America's leading provider of footwear programs to employers for the safety and protection of their employees. The Company sells its shoes directly to company employees through catalogs and online. Iron Age owns and operates more than 200 mobile and retail service centers throughout the United States, Canada and Puerto Rico. Through these channels, Iron Age sells shoes under its own brand names Co Iron Age[R], Grabbers[R] and Knapp[R] Co and under leading consumer brand names including Rockport[R], Reebok[R], Timberland[R], Skechers[R], Converse[R] and many others.

About GMAC CF's Retail Finance Group:

As part of the Structured Finance Division, GMAC CF's Retail Finance Group is recognized nationally as a leader in delivering creative capital solutions relevant to the ever-changing marketplace. During times of strategic growth, change and opportunity, and throughout today's fast-paced business cycles, the Retail Finance Group is the best choice for retailers and consumer products companies with revenues in excess of $35 million.

GMAC CF, a leader in its segment of the financial services market, provides structured finance, asset-based lending, equipment finance/leasing, factoring and supplier early payment services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $10 million to $500 million range. With locations in the United States, Canada, Hong Kong, Poland and the United Kingdom, GMAC CF is positioned to provide lending services worldwide. Learn more online at www.gmaccf.com.

Located in Quincy, Mass., GMAC CF's Retail Finance Group can be reached at (617) 376-8150.