Bank of America Merrill Lynch increased rue21‘s line of credit from $125 million to $145 million.
Michael C. Appel, rue21’s chairman of the board, said, “Bank of America Merrill Lynch’s decision to upsize our line of credit is a strong vote of confidence in the progress rue21 is making in rebuilding our business. As we continue to strengthen our business, we look forward to rue21 becoming a solid brand that delivers outstanding growth and profit.”
“We are pleased to work with rue21 as it makes strides to rebuild its business,” said Andrew Cerussi, senior vice president, Bank of America Merrill Lynch. “We will continue to work closely with rue21 to provide financial solutions to rue21 as it continues to grow the company.”
Piper Jaffray served as exclusive financial advisor to rue21 in connection with its upsized line of credit.
Headquartered just north of Pittsburgh, rue21 currently operates 752 stores in 45 states and focuses on fashion for teens and young adults.
