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J.Crew Group declares prepayment of credit & guaranty agreement

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

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