G-III Apparel increases secured revolving credit line
April 04, 2008 - United States Of America
G-III Apparel Group Ltd announced it has increased its secured revolving credit line to a maximum borrowing level of $250 million compared to a maximum of $195 million under the prior loan agreement.
Amounts available under the credit line are subject to borrowing base formulas and over advances as specified in the loan agreement. The lending group for the three-year revolving credit line, which now extends to July 2011, was led by CIT Commercial Services, a unit of CIT Group Inc.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “This larger line is more appropriate for our business given our continued strong organic growth and our recent acquisition of the Andrew Marc business.
CIT continues to demonstrate a thorough understanding of our business and our strategic objectives. We look forward to a very successful ongoing relationship with CIT and the rest of our bank group and thank them for their support.”
John F. Daly, President of CIT Commercial Services, commented, “As an organization, we are dedicated to supporting the apparel industry. We have been delighted to continue our relationship with G-III, which is proving to be one of the most dynamic companies in the industry, and with Morris Goldfarb and his team, who have executed their business objectives consistently well. We are pleased to provide our ongoing support to G-III as they continue to grow.”