Oxford Industries Completes $235 Million Revolver With SunTrust
Monday, June 18, 2012
Oxford Industries, Inc. announced that it has completed its plan to amend and restate its $175 million U.S. asset-based revolving credit facility. The restated $235 million asset-based facility will mature in 2017. SunTrust Bank, which led the refinancing, will serve as administrative agent for the facility.
"Our ability to successfully complete this refinancing reaffirms our lenders' confidence in Oxford. This facility, coupled with the redemption of our senior secured notes we are announcing today, will result in significantly lower interest expense, while affording us ample liquidity to execute our strategy including our planned growth in Tommy Bahama and Lilly Pulitzer," commented J. Hicks Lanier, chairman and CEO of Oxford Industries, Inc.
Oxford Industries, Inc. is a global apparel company which designs, sources, markets and distributes products bearing the trademarks of its owned and licensed brands. Oxford's brands include Tommy Bahama, Lilly Pulitzer, Ben Sherman, Oxford Golf, Arnold Brant and Billy London.