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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

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