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G-III Apparel announces new revolving credit facility

08
Aug '12
G-III Apparel Group Ltd. announced that it has entered into a new revolving credit agreement enabling the company to borrow up to $450 million, an increase from its prior facility that provided for borrowings of up to $300 million.

The five-year syndicated loan agreement was led by JPMorgan Chase Bank, N.A. with Bank of America, N.A., HSBC Bank USA, N.A. and Wells Fargo Bank, N.A. acting as co-syndication agents. Amounts available under the credit line are subject to borrowing base formulas and seasonal supplemental advances as specified in the loan agreement

The Company separately announced that it has acquired Vilebrequin, a leading global manufacturer and distributor of luxury swimwear, accessories and resort-wear. The loan agreement provides financing for the cash portion of the purchase price, as well as access to working capital to continue to support the growth of the Company's business.

Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, commented, "We are very appreciative to have the continuing support of JPMorgan Chase and the rest of our bank group. Our strong balance sheet and superior access to capital continue to support our strategic plan to grow and diversify our business on a global scale."

Joseph Nastri, Senior Vice President of JPMorgan Chase, commented, "We are very proud and pleased to continue to provide the financial support to help G-III grow and continue its success."

G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women's suits, as well as handbags and luggage, under licensed brands, our own brands and private label brands. G-III sells swimwear and beachwear under our own Vilebrequin brand.

G-III Apparel Group Ltd


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