Home / Knowledge / News / Apparel/Garments / Abercrombie & Fitch to refinance existing credit facility
Abercrombie & Fitch to refinance existing credit facility
15
Jul '14
Abercrombie & Fitch Co. announced that it has initiated a process to refinance its existing credit facilities. The existing credit facilities consist of a $350 million unsecured Revolving Credit Facility maturing July 27, 2016 and a $150 million Term Loan A maturing February 23, 2017.

The new credit facilities are expected to consist of a $400 million Asset-Based Revolving Credit Facility and a $325 million Term Loan B maturing five and seven years after the closing date, respectively.

The new credit facilities are subject to, among other things, negotiation, successful syndication, execution and delivery of definitive loan documentation and various customary closing conditions.  

Proceeds from the Term Loan B are expected to be used to pay off the remaining $131.5 million balance under the existing Term Loan A, to repay outstanding borrowings of $60 million under the existing Revolving Credit Facility, and to pay related fees and expenses associated with the transaction. 

The balance of the proceeds will be used for general corporate purposes; including potential share repurchases in accordance with the Company's previously announced stock repurchase authorizations.  The Company does not expect, other than for an immaterial amount of outstanding letters of credit, to draw down on the Asset-Based Revolving Credit Facility at closing.

Commenting on the announcement, Everett Gallagher, Treasurer of Abercrombie & Fitch Co., said, "The proposed refinancing we have initiated is an opportunity for A&F to take advantage of current favorable credit markets, and increase financial flexibility for the Company in the future."

The terms of the refinancing could materially differ from above and no assurances can be given that the refinancing will be consummated.  

Abercrombie & Fitch

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Paolo Ocleppo
Sandvik Hyperion

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

Silke Brand-Kirsch
Schlegel und Partner

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search