Home / Knowledge / News / Apparel/Garments / Destination Maternity announces new credit facility
Destination Maternity announces new credit facility
02
Nov '12
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced that it has entered into a new $61 million revolving credit facility with Wells Fargo Bank, N.A. 

The new credit facility replaces the Company's $55 million revolving credit facility with Bank of America, N.A., which was due to mature on January 13, 2013.  The Company also announced that, as of November 1, 2012, it has repaid the remaining principal amount ($13.4 million) of its senior secured Term Loan, which was due to mature on March 13, 2013.

Ed Krell, Chief Executive Officer of Destination Maternity Corporation, noted, "We are very pleased to announce our new credit facility with Wells Fargo and the repayment of the remaining balance of our Term Loan (which had an original principal balance of $90 million in March 2007). 

The repayment of our Term Loan completes a dramatic decrease in our financial leverage which we have accomplished over the past several years.  Giving effect to this Term Loan repayment, over the past six years, our total debt has decreased from $118 million to $2 million, and our annual interest expense has decreased from $15 million to less than $1 million. 

In addition, our new credit facility provides us with continued significant financial and operating flexibility as we continue to execute on our strategic plan."

Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel.  In the United States and Canada, as of September 30, 2012, Destination Maternity operates 2,008 retail locations, including 625 stores, predominantly under the tradenames Motherhood Maternity, A Pea in the Pod, and Destination Maternity, and 1,383 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites.

Destination Maternity Corporation

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search