Ascena Retail Group entered into an asset purchase agreement with Sycamore Partner’s affiliate, Premium Apparel, to sell Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands for $540 million on a cash-free and debt-free basis.
Wells Fargo Capital Finance acted as administrative agent, lead arranger, and book runner on a $1.2 billion asset-based credit facility and a $125 million term loan facility in connection with the acquisition of Essendant by an affiliate of Sycamore Partners.
Nine West Holdings and certain of its affiliates filed an amended Chapter 11 plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. The plan is accompanied by an amended and restated restructuring support agreement.
Limited Stores has filed a voluntary petition for relief under Chapter 11. Sycamore Partners has made a stalking horse bid for the retail chain. Bank of America is agent for the company’s $50 million revolving credit facility dated August 24, 2007.
Bloomberg reported a judge has ruled Aeropostale can ask creditors to vote on the company’s reorganization while the teen retailer prepares to sue Sycamore Partners for an alleged “loan to own” plan.
Aeropostale announced that it closed $150 million in senior secured credit facilities with Sycamore Partners. The financing consists of a five-year, $100 million term loan and a ten-year, $50 million term loan.
Sycamore Partners announced it completed its acquisition of The Jones Group, valued at approximately $2.2 billion. Morgan Stanley, Jefferies, KKR Asset Management, MCS Capital Markets, Wells Fargo and Bank of America provided financing.
Aeropostale announced it signed a commitment letter with Sycamore Partners and affiliates for a strategic partnership and $150 million in facilities, which includes a sourcing arrangement with MGF Sourcing.
Birks & Mayors closed an amendment and extension of its revolver and senior secured term loan. Wells Fargo Capital Finance served as co-collateral agent on the $28 million secured term loan facility.