Home / Knowledge / News / Apparel/Garments / J.Crew Group declares prepayment of credit & guaranty agreement

J.Crew Group declares prepayment of credit & guaranty agreement

14
Jul '06
J.Crew Group Inc announced that J.Crew Operating Corp. made a $35 million voluntary prepayment of the Credit and Guaranty Agreement (the "Credit Agreement") by and among Operating, as borrower, the Company and certain of Operating's direct and indirect subsidiaries as guarantors, certain lenders named in the Credit Agreement, Goldman Sachs Credit Partners L.P. and Bear, Stearns & Co. Inc. as joint lead arrangers and joint bookrunners, Goldman Sachs Credit Partners L.P. as administrative agent and collateral agent, Bear Stearns Corporate Lending Inc. as syndication agent and Wachovia Bank, National Association as documentation agent.

In addition, the Company announced that today it redeemed all $92.8 million liquidation value of its Series A 14-1/2 percent Cumulative Preferred Stock (the "Series A Preferred Stock") and all $32.5 million liquidation value of its Series B 14-1/2 percent Cumulative Redeemable Preferred Stock (together with the Series A Preferred Stock, the "Preferred Stock") at 100 percent of liquidation value, as well as paid accumulated and unpaid dividends of $306.4 million on the Preferred Stock. Series A Preferred Stock held by TPG Partners II, L.P., TPG Parallel II, L.P. and TPG Investors II, L.P., investment funds affiliated with Texas Pacific Group, the Company's largest shareholder, was redeemed with 3.7 million shares of common stock of the Company pursuant to a prior agreement.

J.Crew Group, Inc. is a nationally recognized retailer of men's and women's apparel, shoes and accessories. J.Crew products are distributed through the Company's 166 retail stores and 49 factory stores.

J.Crew Group Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Feb 2020

Australia willing to consider FTA with India on RCEP lines

Australia is willing to consider a bilateral free trade agreement...

Pic: Shutterstock

Apparel/Garments | On 27th Feb 2020

Hun Sen asks PRC garment investors not to leave Cambodia

Prime Minister Hun Sen recently again told Chinese garment sector...

Pic: B.Zhou / Shutterstock.com

Retail | On 27th Feb 2020

Retail brands restrict China operations amid COVID-19

The outbreak of COVID-19 is disrupting business dynamics in China....

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search