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Chico's FAS creates $200 million credit facility

06
Aug '18
Courtesy: Chico Fas
Courtesy: Chico Fas
Chico's FAS has created a $200 million senior secured credit facility with Wells Fargo and other lenders to support ongoing business operations. Chico's FAS with its brands Chico's, White House Black Market and Soma, is an omni-channel specialty retailer of women's private branded, casual-to-dressy clothing, intimates, and complementary accessories.

"After an in-depth evaluation, we chose Wells Fargo to lead our new asset-based credit facility, which will offer us greater borrowing flexibility," says Todd Vogensen, EVP and chief financial officer of the company. "The Wells Fargo team provided us with a creative and cost-effective financing solution, which maximises our liquidity."

"Wells Fargo is excited to work with an industry leader such as Chico's FAS, and strengthen our existing relationship with this important client by leveraging our expertise in the retail space to facilitate this refinancing," says Keith Vercauteren, head of Retail Finance, Wells Fargo Capital Finance. "We provide our retail customers with the financial flexibility and industry knowledge to support their long-term strategy and growth in the ever-changing retail sector." (SV)

Fibre2Fashion News Desk – India


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