Home / Knowledge / News / Apparel/Garments / Warnaco completes term loan offering
Warnaco completes term loan offering
18
Jun '11
The Warnaco Group Inc announced that it closed on a $200 million senior secured term loan due 2018 (the "Term Loan"). The Company will pay interest equal to the sum of a floating rate of at least 1.0% plus a fixed margin of 2.75%. The Term Loan has been assigned ratings of BBB- and Ba1 by Standard & Poor's and Moody's, respectively, and they have affirmed the Company's corporate credit ratings at these levels with a stable outlook.

The Company plans to use the Term Loan proceeds for general corporate purposes, which include funding internal growth and acquisitions, repaying revolving credit borrowings and repurchasing common stock. Accordingly, the Company intends to accelerate the repurchase of its shares under its previously authorized five million share repurchase program.

The Warnaco Group, Inc., headquartered in New York, is a leading global apparel company engaged in the business of designing, sourcing, marketing and selling men's, women's and children's sportswear and accessories, intimate apparel, and swimwear under such owned and licensed brands as Calvin Klein, Speedo, Chaps, and Warner's and Olga.

Warnaco Group Inc


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