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Guggenheim to look on Tarrant Apparel future growth

22
May '06
Tarrant Apparel Group (TAG), a design and sourcing company for private label and private brand casual apparel, announced that it has entered into a commitment letter with Guggenheim Corporate Funding, LLC, with respect to a $65 million credit facility.

The commitment letter contemplates that the credit facility will consist of an initial term loan of $30 million, which will be used to repay certain existing indebtedness, and fund general operating and working capital needs.

A second term loan of $35 million will be available to finance acquisitions, if any, acceptable to Guggenheim. The facility would be secured by a lien on all of the Company's consolidated assets.

"We are pleased that Guggenheim has taken this step to provide us with the capital to support our next phase of growth," said Gerard Guez, Tarrant Apparel Group's Chairman and interim CEO.

"This funding will allow us continue to grow our Private Label business, while giving us the flexibility to accelerate our growth through strategic acquisitions that we may identify from time to time. We look forward to a mutually beneficial relationship with Guggenheim."

"Guggenheim is excited to build a relationship with Tarrant Apparel and looks forward to supporting its future growth prospects," said Todd Boehly, Managing Partner of Guggenheim Partners, LLC.

Completion of the financing is subject to customary conditions precedent, including, without limitation, the preparation and execution of definitive loan documents, Guggenheim's completion and satisfaction with its legal due diligence review of the company, obtaining all necessary consents and other third party approvals, and the preparation and execution of an intercreditor agreement between Guggenheim and the Company's existing lenders.


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