Fashion retailer Talbots agrees $150 mn in new credit lines
07 Jan '09
1 min read
The Talbots Inc announced that it has entered into revolving credit agreements with Mizuho Corporate Bank, Ltd; Sumitomo Mitsui Banking Corporation; and The Norinchukin Bank to convert each of their existing uncommitted working capital lines of $75 million, $50 million, and $25 million, respectively, to committed lines, effective immediately.
Including Talbots existing $50 million committed facility with Aeon (U.S.A), Inc., a wholly owned subsidiary of Aeon Co., Ltd., and the majority shareholder of The Talbots, Inc., the Company has now secured $200 million of its $215 million total working capital borrowing capacity as committed facilities. Talbots is also currently in discussions with a fourth lending bank to convert the remaining $15 million uncommitted facility to a committed facility.
Additional information related to this financing is included in the Company's Form 8-K, which will be filed.
The Talbots, Inc. is a leading specialty retailer and direct marketer of women's apparel, shoes and accessories.