Daily News: August 8, 2012

JPMorgan-Led Bank Group Provides New Revolver For G-III


G-III Apparel Group said it has entered into a new revolving credit agreement enabling the company to borrow up to $450 million, an increase from its prior facility that provided for borrowings of up to $300 million.

The five-year syndicated loan agreement was led by JPMorgan Chase with Bank of America, HSBC Bank USA and Wells Fargo acting as co-syndication agents. Amounts available under the credit line are subject to borrowing base formulas and seasonal supplemental advances as specified in the loan agreement

G-III separately announced that it has acquired Vilebrequin, a global manufacturer and distributor of luxury swimwear, accessories and resort-wear. The loan agreement provides financing for the cash portion of the purchase price, as well as access to working capital to continue to support the growth of the company’s business.

Joseph Nastri, senior vice president of JPMorgan Chase, commented, “We are very proud and pleased to continue to provide the financial support to help G-III grow and continue its success.”

G-III is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women’s suits, as well as handbags and luggage, under licensed brands, its own brands and private label brands. G-III sells swimwear and beachwear under our own Vilebrequin brand.