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JNY concludes accelerated share repurchase program
12
Jun '08
Jones Apparel Group Inc announced that it has successfully completed amendments to its $1 billion and $750 million five-year revolving credit facilities which extend to June 15, 2009 and May 16, 2010, respectively.

The terms and conditions of the credit facilities remain substantially unchanged, except for modification of the pricing provisions and certain covenants and reduction of the aggregate commitment under the $1 billion facility to $500 million. J.P. Morgan Securities Inc and Citigroup Global Markets Inc were Joint Lead Arrangers in the amendment process.

Other titled roles included JPMorgan Chase Bank, N.A. and Citibank N.A. as Syndication Agents, Wachovia Bank, National Association as Administrative Agent and Bank of America, N.A., Barclays Bank PLC and SunTrust Bank as Documentation Agents. The amendment process received broad support with substantially all banks and other financial institutions participating. The credit facilities are primarily used for working capital, letters of credit and other general corporate purposes.

John T. McClain, Chief Financial Officer, stated, "We are very pleased with the overwhelming support of so many outstanding financial institutions associated with the amendment process, especially during these times of tightened credit availability. With the disposition of Barneys in September 2007, Jones Apparel Group operates as a smaller, more focused company today, and the reduced commitment is consistent withthe needs of the business.


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