Casual apparel retailer Pacific Sunwear of California Inc (PacSun) announced that it has entered into a new five-year $200.0 million credit facility with an expanded syndicate of banks.
The new credit agreement increased the Company's revolving line of credit to $200.0 million, which can be increased further up to $275.0 million at the option of the Company under certain circumstances. The facility is available for direct borrowings and the issuance of letters of credit.
This credit facility replaces the Company's previous single bank, $50.0 million credit facility, which was scheduled to expire on April 1, 2007.
Two distinct retail concepts operator Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. As of August 27, 2005, the Company operated 786 PacSun stores, 91 PacSun Outlet stores and 186 d.e.m.o. stores for a total of 1,063 stores in 50 states and Puerto Rico.
Pacific Sunwear of California Inc