Fifth & Pacific Companies announced that it completed an amendment and restatement of its existing bank revolving credit facility. J.P. Morgan Securities, Bank of America Merrill Lynch, Wells Fargo Capital Finance and SunTrust Robinson Humphrey are the arrangers for the financing under this facility.
The amended terms and conditions include (i) an extension of the maturity date to April 2018; (ii) a decrease in fees and interest rates; (iii) improved advance rates on eligible inventory and (iv) required compliance with a fixed charge coverage ratio if availability under the facility falls below $35 million or 10% of the commitments then in effect. The facility may be used for working capital and general corporate purposes and the refinancing, repayment, repurchase and cash settlements of certain existing indebtedness. Acquisitions and other investments are permitted, subject to certain payment conditions. It will also provide for the issuance of both trade and standby letters of credit.
Fifth & Pacific Companies designs and markets a portfolio of retail-based, premium, global lifestyle brands including Juicy Couture, kate spade and Lucky Brand.