Perry Ellis International announced that the company entered into an amendment to its amended and restated loan and security agreement to, among other things, extend the company’s senior credit facility until December 1, 2018, with a consortium of financial institutions led by Wells Fargo Bank and Bank of America as lead and syndication agent, respectively.

Proceeds of the borrowings under the facility are being used for general working capital and other corporate purposes.

The company may, subject to a borrowing base availability, borrow on a revolving basis up to $125 million. Subject to approval by the bank group, from time to time the company may increase the size in increments of $25 million up to a maximum of $200 million. Under the amended credit facility, the terms are modified to reduce the LIBOR margin used to determine the interest rate payable on amounts outstanding under the facility from time to time to a range of 1.50% to 2.00% (depending on the company’s quarterly average excess availability), and reduce the unused line fee payable to the lenders under the facility.

“This amendment to our existing senior credit facility is a testament to the confidence our banking partners have in Perry Ellis International,” said Oscar Feldenkreis, VP & COO of Perry Ellis International. “The amended senior credit facility provides us with long-term financing flexibility as we continue to expand our global footprint, focus on direct channel growth and increase our market share. We are extremely pleased with the support provided by our banking partners and look forward to continuing our relationship with all the institutions involved.”

Perry Ellis International is a designer, distributor and licensor of a broad line of men’s and women’s apparel, accessories, fragrances and select children’s apparel.