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 31st May 2016

FICCI forecasts 7.7% GDP growth for Indian economy in FY17

The results of latest round of the Federation on Indian Chambers of...

Apparel/Garments | On 31st May 2016

China to open e-commerce to foreign investment

In a major policy decision, China has decided to lift restrictions to ...

Courtesy- DyStar

Textiles | On 31st May 2016

DyStar launches Cadira Polyester for resource efficiency

DyStar Group, solution provider offering a complete range of...

Interviews View All

Binoy Ravjani
Hero's Fashion

What are the latest trends in hand block printing?

Frank Gossmann
Rotorcraft AG

What new innovations did Rotorcraft exhibit at the recent textile...

Claudia Kersten
Global Organic Textile Standard

What benefits can MSMEs have from GOTS certification? What is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

<b><i>Bombay Textile Research Association (BTRA) is a leading name in...

Silke Brand-Kirsch
Schlegel und Partner

<b><i>Silke Brand-Kirsch, executive partner of Schlegel und Partner, a...

Pranav Mishra
Huemn

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search