Perry Ellis International, Inc. announced that the company has entered into an Amended and Restated Loan and Security Agreement amending the company’s existing senior credit facility until Dec. 2, 2016, with a consortium of financial institutions with Wells Fargo Bank, N.A., as Sole Lead Arranger and Bookrunner, and Bank of America, N.A., as Syndication Agent.
“This renewal to our existing senior credit facility is a testament to the confidence our banking partners have in Perry Ellis International,” said Oscar Feldenkreis, Vice-Chairman & Chief Operating Officer of Perry Ellis International.
“The new senior credit facility provides us with long-term financing flexibility as we continue to expand our global footprint, focus on direct channel growth and increase our market share. We are extremely pleased with the support provided by our banking partners and look forward to continuing our relationship with all the institutions involved,” continued Feldenkreis.
Pursuant to the Credit Facility, the company may, subject to a borrowing base availability, borrow on a revolving basis up to $125 million. At the company’s option, and subject to approval by the bank group, from time to time the company may increase the size in increments of $25 million up to a maximum of $200 million. Proceeds of the borrowings under the Credit Facility will be used for general working capital and other corporate purposes.
