Home / Knowledge / News / Perry Ellis to renew its credit facility until February 1, 2012
Perry Ellis to renew its credit facility until February 1, 2012
31
Oct '08
Perry Ellis International Inc announced that the Company has entered into an amendment to renew its credit facility until February 1, 2012, with a syndicate of banks and other financial institutions including Wachovia Bank National Association as agent and lender, the addition of Bank of America N.A. as lender and syndication agent and the participation of HSBC Bank USA, HSBC Business Credit (USA) Inc., The Israel Discount Bank of New York and The CIT Group/Commercial Services, Inc.

George Feldenkreis, Chairman and CEO said, "We are very pleased to have completed this amendment to our existing bank credit agreement at favorable terms; particularly under the climate of uncertainty in the credit markets today. The addition of Bank of America as syndication agent to this agreement is a vote of confidence to our financial strength, growth potential and disciplined management."

The credit facility provides the Company with the option to request increases in the maximum of up to $200 million based on collateral availability, with an initial availability of $125 million of which $56.6 million is utilized as of October 29, 2008. Under the amended credit facility, interest on outstanding principal will be calculated based on LIBOR or Prime plus a margin, depending on the level of excess availability, with an effective increase of approximately 95 bps over previous grid. Proceeds of the borrowings under the new credit facility will be used for general working capital and other corporate purposes.

"Today we have the strongest balance sheet in our history. This, coupled with the ability to increase our borrowings by up to $200 million further strengthens our financial condition and adds extra flexibility to fund our multiple growth opportunities for next fiscal year and into the future," Mr. Feldenkreis concluded.

Perry Ellis


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Igor Chapurin
Chapurin

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search