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Perry Ellis extends date of senior credit facility

January 16, 2014 (United States Of America)

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.


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