Home / Knowledge / News / Apparel/Garments / Jones Group amends & extends credit facility
Jones Group amends & extends credit facility
03
May '11
The Jones Group Inc announced that it successfully completed an amendment and extension of its $650 million senior credit facility. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were Joint Lead Arrangers in the amendment process.

The amended terms and conditions provide for a decrease in fees and interest rates to current market rates and an extension of the maturity date to April 28, 2016. Other terms and conditions of the credit facility were modified, including increases and/or additions to the debt, investments and asset sales baskets.

In addition, the agreement expands the credit facility's international commitment to allow for the inclusion of European Borrowers which can draw under the credit facility. The credit facility is primarily used as backing for the issuance of trade letters of credit and other supply chain purposes, but also may be used for working capital and general corporate purposes. Currently, no cash borrowings are outstanding under the existing facility.

John T. McClain, Chief Financial Officer, stated: "We are pleased with the overwhelming support of the financial institutions associated with the amendment process as it allows us to take advantage of a healthier bank market to realize reduced rates, obtain more favorable and flexible terms and conditions, and extend the maturity date of the facility for an additional year. Our businesses generate a significant amount of cash, and we believe that, combined with the $650 million of committed bank credit, provides us with the financial flexibility to pursue our strategic goals."

The Jones Group Inc

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Mohammad Hassan
Biax Fiberfilm

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

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

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search