Daily News: July 9, 2013

BOM Joins American Apparel Lending Group in Facility Increase

American Apparel announced a $15 million increase in its revolving credit facility with Capital One Leverage Finance. As a part of the transaction, The Bank of Montreal was added as a loan participant and the total commitment under this facility was raised to $50 million from $35 million. The additional commitment was made under substantially the same terms of the existing facility.

”We are very pleased with the expansion of our credit facility and proud to have Capital One and The Bank of Montreal as business partners. The expanded facility strengthens our balance sheet and provides us with greater flexibility to continue investing in our business and deliver on our 2013 financial targets. Our business fundamentals and momentum remain strong, and we are committed to building long-term shareholder value through financially smart decisions that drive return on capital,” stated Dov Charney, American Apparel’s chairman and chief executive officer.

American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel.