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 30th Jul 2016

NRI’s TCG picks up majority stake in MCC’s Haldia plant

The Chatterjee Group (TCG) owned by NRI entrepreneur Purnendu...

Textiles | On 30th Jul 2016

African countries woo investors in Coimbatore

Diplomats of seven African countries have invited Coimbatore’s...

Textiles | On 30th Jul 2016

Pakistan woos Chinese textile sector

Impressed by the smooth conduct of business in China’s economic...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Angelina Francesca Cheang
MY ANJE

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

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

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

Marten Alkhagen
Swerea IVF AB

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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