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Women's apparel retailer Talbots reconfirms 2008 EPS outlook
11 Jun '08
3 min read
Under the proposed new credit facility with Aeon, interest on outstanding principal will be LIBOR plus 500 basis points. The Company will pay a fee of 50 basis points per annum on the undrawn portion of the commitment. Proceeds of the borrowings under the new credit facility will be used for general working capital and other appropriate corporate purposes in connection with the Company's turnaround plan.
The proposed new working capital facility with Aeon is subject to various conditions including completion of satisfactory confirmatory due diligence by Aeon, the preparation and execution of definitive loan documentation mutually satisfactory to Aeon and Talbots and generally consistent with the summary of terms agreed upon between the companies, and mutual agreement on all other terms, conditions, covenants and provisions of the definitive loan documentation.
The principal terms of Aeon's proposed financing were reviewed and considered along with other proposals from unrelated financial institutions. The Aeon proposal was approved by The Talbots, Inc. independent Audit Committee.
Additional information related to this financing is included in the Company's Form 8-K, which will be filed, June 11, 2008.
The proposed new working capital facility with Aeon is subject to various conditions including completion of satisfactory confirmatory due diligence by Aeon, the preparation and execution of definitive loan documentation mutually satisfactory to Aeon and Talbots and generally consistent with the summary of terms agreed upon between the companies, and mutual agreement on all other terms, conditions, covenants and provisions of the definitive loan documentation.
The principal terms of Aeon's proposed financing were reviewed and considered along with other proposals from unrelated financial institutions. The Aeon proposal was approved by The Talbots, Inc. independent Audit Committee.
Additional information related to this financing is included in the Company's Form 8-K, which will be filed, June 11, 2008.
Talbots Inc
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