Home / Knowledge / News / Apparel/Garments / Perry Ellis extends date of senior credit facility
Perry Ellis extends date of senior credit facility
16
Jan '14
Perry Ellis International, Inc announced that the Company has entered into an amendment to its Amended and Restated Loan and Security Agreement (the "Credit Facility") to, among other things, extend the Company's senior credit facility until December 1, 2018, with a consortium of financial institutions led by Wells Fargo Bank, N.A. and Bank of America, N.A., as lead and syndication agent, respectively.

"This amendment to our existing senior credit facility is a testament to the confidence our banking partners have in Perry Ellis International," said Oscar Feldenkreis, Vice Chairman & Chief Operating Officer of Perry Ellis International.

"The amended senior credit facility provides us with long-term financing flexibility as we continue to expand our global footprint, focus on direct channel growth and increase our market share. We are extremely pleased with the support provided by our banking partners and look forward to continuing our relationship with all the institutions involved," continued Mr. Feldenkreis.

Pursuant to the Credit Facility, the Company may, subject to a borrowing base availability, borrow on a revolving basis up to $125 million. At the Company's option, and subject to approval by the bank group, from time to time the Company may increase the size in increments of $25 million up to a maximum of $200 million.

Under the amended Credit Facility, the terms are modified to reduce the LIBOR margin used to determine the interest rate payable on amounts outstanding under the Credit Facility from time to time to a range of 1.50% to 2.00% (depending on the Company's quarterly average excess availability); and reduce the unused line fee payable to the lenders under the Credit Facility. Proceeds of the borrowings under the Credit Facility are being used for general working capital and other corporate purposes.

About Perry Ellis International

Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances, as well as select children's apparel. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution.

Perry Ellis International

Must ReadView All

Courtesy: World Bank/ Harshad Marathe

Apparel/Garments | On 23rd Jul 2016

Rising wages in China to create 1.5 million jobs in S Asia

As wages in China continue to rise, global apparel production and...

Courtesy: 3ders.org

Apparel/Garments | On 23rd Jul 2016

Disney research creates 3D compiler for machine knitting

Introducing 3D technology to machine knitting, Disney Researchers...

Textiles | On 23rd Jul 2016

Telangana to frame new policy for textile industry

The Telangana state government will frame a new policy aimed at...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Pranav Mishra
Huemn

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

Bani Batra

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
june 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search